1 million Algerians bound to bank credits

Banc credits allotted to Algerian families witnessed a record hike over the last three years. During the first semester of the year 2008, banks lend the equivalent of 2.2 billion euros in Algerian currency to families for the real estate or cars loans.

• According to the main negotiator of banks and financial institutions association, the lion’s share of these loans were dedicated for the financing of real estate operation including the acquisition of houses, restorations or constructions and the overall amount was estimated at some 1.6 billion euros, while the remaining credit was directed to the finance cars purchases over the last five years.