Algeria to get loans from World Bank and African Development Bank

Energy minister Nourredine Bouterfa Sunday said Algeria will deal with the World Bank, the African Development Bank and other banks to fund projects, Sonatrach and Sonelgaz’s projects in Africa.

Asked about the funding of Algerian oil companies projects, Bouterfa said it will be done “through international banks.”

The minister’s remarks show that projects of Algerian public companies will not be funded by the Public Treasury due to the current financial situation in the country.

“We will deal with the World Bank and the African Development Bank to fund Sonatrach and Sonelgaz’s projects in Africa,” he added.

He also said available money should be managed rationally and not conduct investment projects in classical products.

He believes that about a billion people in Africa need energy. “Algeria will invest in renewable and traditional energies. African partners will benefit from the Algerian experience in the field of electrical, solar energy and hydrocarbons,” he said.

Bouterfa attended an African investment forum held in Algiers. He said this event is a strong will from Algeria to reinforce exchange in all its types in Africa.