Algerian President Abdelmadjid Tebboune has announced that his country has submitted an official application to become a shareholder in the BRICS New Development Bank.
According to Tebboune, Algiers' possible participation will amount to $1.5 billion.
The Algerian leader made a state visit to Russia last June. Speaking at the St. Petersburg International Economic Forum (SPIEF), he announced that his country would like to join the BRICS in the near future, in order to free its national economy "from a certain pressure."
Speaking to Sputnik in early June, Chen Fengying of the China Institute of Contemporary International Relations said that the BRICS New Development Bank would have to "take the road of internationalization" to replace any other structure.