Gulf businessmen to contribute with one billion Dollars in the ambitious FCE Investment Fund

The President of the FCE national business forum, Ali Haddad has revealed the completion of the first phase of preparation of the outstanding scheme earmarked for “FCE young hopeful promoters” which was announced last September on the sidelines of the wrapping up of the FCE forum’s summer University held in the western city of Tlemcen, stressing that this major project will be operational during the first quarter of the year 2016 at the latest estimate.

Several wealthy Algerian businessmen have contributed financially to this youth-oriented investment fund in addition to several Gulf economic operators who pledged to provide a financial package estimated at around one billion dollars, according to sources close to the FCE forum.

In a related development, the president of the FCE forum, Ali Haddad announced of late the creation of a fund worth 1 billion dinars to help Jil FCE integrated start-ups’ promoters (The Forum of Entrepreneurs for Young People), so that they could launch their activities in the form of micro-credits.

“The forum decided to create immediately a fund to help start-up investment for the benefit of FCE young promoters for a hefty amount of 1 billion dinars. And I am personally committed to providing 20 per cent of this financial package”, said Ali Haddad.  “This fund, whose interest rate will be set at 2%, will be managed by Jil FCE members themselves”, he added.

The Chairman of the Forum also emphasized that the granting of this enticing credit which is to be launched in the next two months, won’t be subjected to any cronyism.

On the same occasion, the head of the employers’ organization further spoke of the impending setting up of a center of economic information to be entrusted with the establishment of a database on national economic prospects of investment opportunities for each wilaya or province of Algeria.

To this effect, Mr Ali Haddad called for a profound fiscal overhaul and a genuine banking reform, and for the creation of an exhibition fair of all local products manufactured by FCE member companies in a bid to give a fresh impetus to the national economy, hardly hit by the dwindling world oil prices.