Algerians living in Europe transfer 4 billion euros every year

Algerians living in Europe transfer more than 4 billion euros to Algeria per year. “This amount is bigger that development aid provided by the European Union to Algeria, Tunisia and Morocco,” said Paris Mediterranean studies institute director.

• “Moroccans are ranked first with more than 5 billion euros transfers followed by Algerians with 4 billion euros transferred to Algeria especially from France. Tunisians come third with 1 billion euros,” Radi Medab told Echorouk on Saturday.
• “Algeria did not invest in the transferred money nor did it organise it by opening Algerian banks in Europe. On the other hand, the Moroccan government benefited a lot from its expatriates’ money though their number is low in Europe compared to the Algerian community,” he added.
• He believes that Algeria should open branches for its banks to serve the Algerian community living in Europe and collect their savings. “That would help to achieve big development projects.”
• “Officials of 14 Euromediterranean banks held meetings last year. They agreed on establishing a banking network to develop the banking sector and services in the region.”
• “This banking consortium will be conducive to supporting integration in banking fields in the region,” Medab asserted.