President Tebboune Proposes Integrating the BRICS Bank with an Initial Contribution of 1.5 Billion USD, Strengthening Economic Ties with China
BY: Hana Saada
ALGIERS – During his state visit to China, President Abdelmadjid Tebboune has expressed Algeria’s ambition to foster new economic opportunities by becoming a member of the BRICS group. In an exclusive interview with Chinese television channel CCTV, President Tebboune highlighted the country’s motivations for joining the emerging markets group and emphasized their determination to contribute significantly to the BRICS bank with an initial investment of 1.5 billion USD.
The President underscored Algeria’s long-standing collaboration with China in their shared pursuit of a more just and multipolar world. Together, the nations have championed the cause of supporting underprivileged countries and advocating for necessary reforms in international financial institutions such as the World Bank and the International Monetary Fund.
“Algeria’s membership in the BRICS aims to open up new economic horizons,” President Tebboune asserted. “We believe that a world with more justice and equitable opportunities can be achieved by providing aid to impoverished nations. By joining the BRICS, we align ourselves with like-minded nations striving for a multipolar world and much-needed transformations in global institutions.”
President Tebboune emphasized that Algeria’s commitment to the BRICS extends beyond membership alone. The nation has officially sought to integrate with the BRICS bank, signaling their intent to contribute significantly to the institution’s funds. With an initial investment of 1.5 billion USD, Algeria aims to become an active participant in financing and facilitating developmental projects within the BRICS member countries.
In his meeting with Chinese officials, President Tebboune conveyed Algeria’s keenness to diversify and strengthen its relationship with China. Beyond traditional trade ties, both nations are exploring opportunities to collaborate on numerous ventures across various sectors. “There is no area where I do not want to deal with China,” the President stated emphatically. “We envision partnerships in the space sector, higher education, pharmaceutical industry, and training, among others.”
The vision of Algeria and China collaborating on projects in the railway and mining sectors, especially in Gara Djbilet, exemplifies the depth of their partnership. These ventures are expected to drive economic growth, create employment opportunities, and foster technological advancements in Algeria while deepening bilateral relations.
With President Tebboune’s visit to China and his resolute commitment to pursuing cooperation with the BRICS group, Algeria aims to position itself as a key player in the evolving global economic landscape. By engaging in joint ventures with China and contributing to the BRICS bank, the nation aspires to play a transformative role in shaping international economic policies that benefit all nations, particularly the less privileged.
As President Tebboune continues his diplomatic engagements, his vision for Algeria’s integration with the BRICS and collaborations with China signals a progressive approach towards fostering economic growth and global cooperation. The President’s proposals present an opportunity for mutual prosperity and cementing Algeria’s place on the world stage as an influential and responsible player in the international community.
