Algerian Bank invested $7 billions in 2008: CEO says

The Algerian Bank CEO Mohammed Loukel has revealed to “Echourok” that his financial institution has decided to expand its activities to invest in real estate sector with a view to assisting citizens in acquiring houses.

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• The sound financial situation of the Bank enables it to diversify its activities and finance other projects dealing wit the big industrial groups, small and medium enterprises as well as savings and loan association.
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• Talking yesterday in a conference call, M Loukel has indicated that “Sonatrach Bank” took the lead on the Algerian financial market over the last three years, as it injected more than 500 billion Algerian Dinars in terms of long term loans.
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• These loans were dispatched on three major sectors 372 billions were dedicated to the giant industrial groups, 94.5 to small and medium-sized companies and 5.22 billion to citizens. The bank has garnered an additional value estimated that exceeded 200 billions Algerian Dinars.
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• He went on saying that the Algerian bank has financed major hydrocarbons projects in a joint venture with the state oil company “Sonatrach” in addition to its participation in the financing of the French giant “TOTAL” at a level of 5 billion Euros.
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• The bank also financed national cement groups with a total; amount of $1 billion in a move to boost their productions’ capacities in addition to the creation of new cement plants in Ghilizane (western Algeria) and Bechar (south western Algeria).
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• He went on saying that the Algerian- Libyan bank located in Paris will be dedicated to the Algerian community in France and the Algerian companies, alike taking as a model the French banks based in Algeria.
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