International

Algeria applies to Join BRICS Bank

Published on 25 Jul 2023

Algeria has formally applied to join the BRICS group and submitted a request to become a shareholder member of the BRICS Bank.
The North African country is rich in oil and gas resources and seeking to diversify its economy.
BRICS is an informal grouping of the world's major emerging economies that was established in 2006 to strengthen cooperation between these countries and develop common approaches to global economic challenges.
The BRICS group, which currently comprises Brazil, Russia, India, China and South Africa, represents a significant portion of the global population and economy, accounting for more than 40 percent of the world’s population and approximately 26 per cent of the global economy.
More than 40 countries have expressed interest in joining the BRICS group of nations. Argentina, Iran, Saudi Arabia, the United Arab Emirates, and Kazakhstan are among the countries that expressed interest.

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