$97 billion supported loans create 500 thousand jobs in Algeria, Ben Khalfa

General Commissar of association of banks and financial institutions, Abderrahmane Ben Khalfa said 97 billion dollars (220 billion dinars) have been attributed as state supported loans by private and state owned banks to boost youth projects.

General Commissar of banks and financial institutions, Abderrahmane Ben Khalfa said 97 billion dollars (220 billion dinars) have been attributed as state supported loans by private and state owned banks to boost youth projects. 

Ben Khalifa told Echorouk that the aforementioned loans have funded 200 thousand SMEs, which permitted creating 500 thousand new direct job opportunities in different sectors.

He added that banks decided to accompany the new created firms until reaching the production phase, after realizing that many projects failed due to the lack of long term assist. 

However, the unemployment insurance fund has created 18 thousand new enterprises from 45 thousand selected and approved files, while 31 thousand demands have been filed to banks ahead of being attributed loans.