Algerian authorities endorse protectionist laws to safeguard the nation’s economic interests

The complementary financial law has allocated an additional budget estimated at 608 billion Algerian Dinars to stand for the civil servants’ compensations for the year 2001 with a retroactive effect starting from 2008.

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• Meanwhile, the Algerian authorities have decided to implement the new laws concerning foreign investments on banks and other financial institutions in a bid to protect the state’s interests.
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• The new procedures stipulate that the creation of a foreign bank or any other financial institution requires the participation of Algerian shareholders at a level of 51% of the capital and the priority should go to the Algerian authorities to take over the capital shares possessed by the foreign investors in case of financial crisis.
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• According to the statement released by the Ministerial Council, an additional budget estimated at 74 billion Algerian Dinars was allocated to the housing sector and compensate property damage caused by the recent earthquake that hit the provinces of M’Sila and Bourdj  Bou Aareridj.
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