Having applied to join the BRICS group of emerging economies last year, Algeria is now trying to get its pending membership finalised. Following his state visit to China last month, Algerian President Abdelmadjid Tebboune announced that his government had officially applied to join the BRICS Bank, requesting to be a shareholder member with an amount of $1.5 billion. Set up by the BRICS bloc in 2015, the New Development Bank (NDB) needs to increase its local currency fundraising and lending, especially as founding shareholder Russia is under international sanctions following its invasion of Ukraine. Initially established with $10 billion in paid-in share capital from e
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