Algeria will resume consumer credits if cars are locally assembled: sources

Algeria’s government announced it can approve consumer credits to purchase cars once again if cars national industry is created in the country through partnership investment projects, according to officials at the Algerian financial ministry.

• The same sources told Echorouk pumping money from national banks should contribute in increasing economic growth. Consumer credits are a free service to foreign banks.
•  
• The government banned consumer credits in The Complementary Finance Act 2008. It was discussed once again at the financial ministry planning department.
•  
• Finance minister Karim Djoudi said consumer credits to purchase cars depend on the emergence of a national industry of cars.
•  
•  Small and medium-sized companies ministry examines two offers given by French Renault and German Volkswagen. “At present, there is a number of car factory projects which are discussed between the Algerian government and manufacturers,” he said.
•  
• “As those projects will be achieved, we shall accompany that by returning to consumer credits to purchase cars manufactured in the domestic market.