Algeria : Public, private banks vie to finance small, medium-sized enterprises

Several Algerian public and private banks are envisaging to start financing projects initiated by small and medium-sized enterprises in view of the latter’s vital role in the rejuvenation and boosting of the national economy.

Several banks, which used to be confined to granting credits for import-export businesses, have now shifted strategy by expressing their readiness to provide financial support for those small and medium-sized enterprises intent on achieving profit-yielding and useful projects.

To this effect, the Minister of small and medium-sized enterprises and crafts Mustapha Benbada has urged the Algerian banking sector to get more involved in the financing of such projects stressing that the small and medium-sized enterprises have a paramount role in the country’s speedy economic revival.