Algeria banks sign projects funding agreements

Five public banks signed tripartite partnership agreements on Sunday to reactivate micro-loan system by approving prior treatment of project owners’ applications.

• A join local committee will be in charge of the treatment before submitting the requests to the funding bank.
• The agreements were signed in presence of the Algerian national solidarity minister Djamel Oueld Abbas and finance minister Karim Djoudi.   
• They stipulate more flexibility in treating the project owners’ requests to allow them getting micro-loans between 50,000 and 400,000 DZ.
• CEO of the Bank of Agriculture and Rural Development Boualem Djebbar told Echorouk the bank funded about 2,300 projects in 2008-2009 with a sum of 430 million DZ. Some 50 percent of it was used to fund projects and investments in the agricultural sector. Around 2,700 new jobs were created in different provinces. Some 25 percent were intended to fund micro-projects in handicrafts.
• According to Oueld Abbas, the agreement is meant to benefit from measures stipulated in legal articles in force.