Bank of Algeria gives green light to new financial investment bodies

The Council of money and credit of the Bank of Algeria has agreed to the creation of a new financial company called “Idjar Leasing Algeria” endowed with a capital estimated at 350 billion centimes.

• This brand-new leasing company is jointly held by the Algeria External Bank (BEA) with 65 per cent of the shares. The BEA earlier secured the 6% of shares previously held by the Saudi business bank “Souikorb”.

•  
•  
•  
• For its part, “Banco Asperito Santo” from Portugal holds the remaining 35 per cent of the shares.
•  
•  
•  
• This new licensed financial body is expected to help finance investment operations in various fields of endeavour notably in the sector of real-estate and small and medium-sized enterprises in addition to financing youth investment projects under certain conditions.
•  
•  
•  
• The move is mainly designed to spur the national economic apparatus notably with the active involvement of the hopeful youth who are eager to initiate profit-yielding investment projects in several sectors of activity through a reliable financial back-up.
•