Algeria is no longer interested in joining the BRICS economic alliance in its current format, Algerian President Abdelmadjid Tebboune said Thursday.

Algeria, he underlined during an interview with the French-speaking El Watan newspaper, has achieved remarkable development in recent years, which can be seen in all major economic indexes.

"The Algerian economy is highly dynamic, and the country's income from the non-oil sector have exceeded $8 billion, an unprecedented figure since Algeria's independence.

"BRICS, in its current format, is not of interest to Algeria anymore," he said. "The issue of the BRICS group is completely off the table."

Algeria officially submitted an application to join the BRICS organization in late July, presenting a request to become a shareholder in the group's bank with an initial $1.5 billion buy-in.

BRICS founding countries; Brazil, Russia, India, China, and South Africa, account for over 40 percent of the world's population and over a quarter of global GDP. The group is currently the fastest-growing bloc with more than 40 governments across world regions expressing accession desires.

"We officially applied to join the BRICS group, we sent a letter asking to be shareholder members in the bank ... Algeria's first contribution in the bank will be $1.5 billion," Ennahar quoted Tebboune as saying.

Read more: BRICS received applications from 22 countries for membership: Diplomat

Iran, Saudi Arabia, UAE, Argentina, Cuba, the Democratic Republic of Congo, Kazakhstan, and Gabon are among the countries that expressed interest in joining.

The Algerian President said earlier this month during his China trip that his country aims to join the body, eyeing to develop strong economic relations with its members.

On his part, Chinese President Xi Jinping pledged stronger political and economic ties with Algeria - Africa's largest gas exporter - including energy trade, as China's industry is growing at an exponential rate, which requires further diversification of gas and oil imports.

Tebboune made his public bid to become a BRICS member during an interview with Chinese Central Television (CCTV). The leader of the resource-rich country explained that the group has the potential to provide alternative solutions to those offered by international bodies like the IMF and World Bank.

He praised China as a significant and friendly country that has been supportive of Algeria's development since independence.

Regarding Algeria's role in the African continent, Tebboune emphasized its stature as a significant nation and proposed the possibility of Algeria serving as a mediator between China and other African countries. He commended China's influential voice on the continent and its positive relations with various Arab and African nations.