Algerian state banks finance huge join venture project

Led by the Algerian foreign bank, Algerian public banks allotted a credit amounted to 1.1 billion euros as part of a 1.5 billion euros project, to both the Algerian oil company Sonatrach and the Egyptian group Orascom to finance a petrochemical facility in the region of Arzew (west of Algeria).

• The head of the Algerian bank credit department Tuesday declared that this financial package was made possible owing to the participation of the Algerian foreign bank at the level of 28 percent (308 million euros), the national bank at the level of 21 percent and 23 percent between the local bank of development and the national saving fund.