Algeria asks China for a loan

Algerian trade and finance ministers Bakhti Belaib and Abderrahmane Benkhalfa respectively as well as the chairman of Enterprise Chiefs Forum Ali Haddad Sunday said the government asked China for a loan.

The loan value was not determined while the same sources said it will bring a big gain for national economy. They consider it as a normal economic measure meant to concretise profitable projects.

In a meeting between Algerian and Chinese businessmen, the trade minister said the loan is a still a project while its value was not fixed.

He told journalists Algeria may grant the deal of Cherchel Big Port management to China. It will be the biggest port in Africa and similar to Shanghai port.  

“I will give you details about the loan at the right time,” he said.

He added that asking for a loan from this country is better than borrowing money from the International Monetary Fund in terms of guarantees and conditions.

“At present, Algeria does not plan to recover its money at the IMF. It is estimated at $5 billion. It is a very big strong point for Algeria,” he told Echorouk.

The finance minister did not make any comment about the loan, saying Algeria may ask for it from China. “It is just an idea and we can not say anything at present.”

Ali Haddad said Algeria asked China for a loan but its value was not determined.

He believes that China is a good funder for projects and criticized negative comments about this economic decision.

“We should make a difference between an economic loan and a debt,” he said.

He added that China wants to create an Asian financial fund where all the countries including Algeria in the world can store its reserves in Asian currency.