Foreign banks will not fund Algiers Medina project, says Dahli Group CEO

CEO of Dahli Group Abdelouahab Rahim said Saturday his group fully respects the instructions of the president and the prime minister on not dealing with world stock exchanges to fund its investment projects in Algeria.

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• “The Algiers Medina plan is an economic project and has nothing to do with politics,” he told a news conference in Algiers.
• He said his group will not give up the project although public and private banks unions show a little support of the bond loan launched by the corporation.
• According to Rahim, banks especially the private ones show fears over the project because the Algerian private institution has a bad reputation.
• “The first step to change this negative image is to acknowledge this reality,” he said.
• He added that he was expecting such hindrances before launching the process. “It is the main factor which encouraged me to deal with the stock exchange through a bond loan and not banks.”
• He also said that vision pushed many of public and private banks to prefer simple speculations rather than to contribute in funding the economy and investment projects.
• He mentioned his desire to change that dark image by establishing the National Union of Investors which “will not be an alternative to any existing organisations led by businessmen or employers.”