Algeria favours loans to develop rural areas
Algerian Bank of Agriculture and Rural Development “BADR†proceeded in granting housing loans in order to finance rural housing across 48 provinces, including Algiers.
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BADR Bank got permission by the Ministry of Finance under to grant loans, in order to develop rural areas, which is one of the bank’s aims.
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In order to ensure a permanent position for the bank, authorities identified a series of directives, including financing agricultural and rural development by granting a 50% housing loans for people who wish to build a house in a rural area without providing any guarantee or mortgage.
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The beneficiary must give insurance for the insurance agencies on the loan, as a prerequisite before receiving it. He also must be less than 65 year-old and submit documents proving that he has a stable and regular income of at least 15.000 DA.
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The loan must not exceed 50% of the housing value and interest rate is estimated at 65.000 DA. The period of repaying the loan is 15 years, however it depends on the capacity of paying by the beneficiary, as well as his age which must not exceed 65 years.
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Minister of Finance, Abdelkrime Djoudi, agreed on the resumption of the process across different localities.
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The Bank’s administration approved on the decision to expand the banking network, estimated at 300 agencies across the nation, through the endorsement of a new draft about the opening of a new agency for BADR bank in the 48 provinces.