Algeria has applied to join the BRICS group and submitted a $1.5 billion request to become a shareholder of the BRICS bank. They have called it their first contribution to the bank.
The North African country, rich in oil and gas resources, is looking to diversify its economy and strengthen its partnership with countries such as China.
In its turn, China is to invest $36 billion in Algeria in sectors such as manufacturing, new technology, knowledge economy, transportation and agriculture, local media reported last week, citing Tebbuna.