Algerian President Abdelmadjid Tebboune stated that Algeria’s entry into the BRICS will aid the country’s progress more than international financial institutions have helped in recorded history.

Algeria presented its formal application to join the BRICS earlier in November 2022. In December, the Algerian president expressed optimism that his country may join the alliance in 2023.

During a press conference Tebboune said, "The BRICS organization will help us [in development] more than other international financial organizations have helped us to date." 

Elsewhere in his remarks, Tebboune pointed out that the BRICS bank has $100 billion, which is a larger capital than that of the World Bank. 

"BRICS will finance our projects, we will join their organization and unite politically," Tebboune said. 

Back in February, Russian Foreign Minister Sergey Lavrov said Algeria is one of the main prospects for BRICS membership. At the time, Lavrov added that once Algeria joins BRICS it will not be forced to follow instructions if they contradict its national interests, noting that the organization is non-hegemonic.

It is worth noting that BRICS members account for 30% of the global gross output and 40% of the global population. The bloc includes the world's major developing countries: Brazil, Russia, India, China, and South Africa. It was also announced, recently, that a handful of medium-sized economies intend to join the bloc, including Argentina, Algeria, Iran, Indonesia, Turkey, Saudi Arabia, and Egypt.

Read more: BRICS to establish a 'geological platform'