Algeria News & Events, Latest News for Algeria

Update: Monday, 14 April 2008    

International banks requested to work in Algeria

The minister delegate in charge of finance reforms
Tuesday May 16 2006.

The minister delegate to the ministry of finance, charged with financial reforms, Mr Abdelkrim Djoudi unveiled that a huge number of international banks have presented their agreement demands to open branches in Algeria

Pointing out at the fact that the phenomenon went beyond the French banks to include Italian, Spanish and even American banks.

Mr Abdelkrim, through his conference, yesterday , in Hilton hotel, on the occasion of the inauguration of the first salon for financial services, made it clear that many economic actors are interested in the financial market in Algeria that give them big opportunities of investment in Algeria

According to the minister, the national financial market in Algeria is now an important market for investors who are bound to come to invest and share risks with Algerian companies.

The minister points out that bank reforms is being done on fast rate, and its first fruits appeared yesterday, where a new credit system has been announced, using numeral cheques. Bank reforms that have been announced from the government covers, apart from the improvement of bank management and the creation of new specialised banks like the one affiliated to the bank of agriculture and habitat, monitor banks’ privatisation, where the privatisation process of the Algerian popular credit started last February.

On other part, the minister declared that banks have improved its performance in terms of credits which reach 1800 billions DA last year. On his part, the director of the research office Strategyca, Mr Siagh, declared that the financial sector in Algeria is witnessing a remarkable development, and it is now in an intersection, and needs new technologies to go along with the rapid development.

S. Yousfi — El-Khabar

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