Ramtane Lamamra: Foreign Banks To Grant Loans To Algeria

Foreign and International Cooperation Minister, Ramtane Lamamra, admitted in the government’s first official statement, Algeria’s resort to the African Bank to ask for a financial loan, and did not rule out even resorting to the Islamic Bank.

He asserted in response to Echorouk question that Algeria is among the shareholders of these banks, and it is obvious that it resorts to them, to finance its investment projects, and it is one of the largest contributors to the African Development Bank, adding that Algeria’s money is there and it has the right to borrow them”.

Lamamra explained, during a press conference, on Monday, along with the Chairman of the Forum of Heads of Institutions, Ali Haddad, and a representative of the Ministry of Industry and Mines, at Algeria Hotel in Algiers, in preparation for the forum of Algeria Africa, that will be held between December 3 and 5, at the conference hall in Algiers Palais des Nations, that Algeria has strong cooperation with most of the African countries, recognizing in the same context, the difficulties that are facing the country economically.

“Time has come to move to create wealth and create alternative by accelerating the investment wheel, and start in the search for wealth in the neighboring countries. Algeria has large potential and capabilities. It will immediately start the completion of structural projects, and today’s work will not be postponed until tomorrow. Private investors can borrow money from the African and Islamic Banks”.

“Algiers port project in Cherchel is very important, and it will resemble “Shanghai’s Great Port. It will become a gateway to attract foreign investment, and even bring projects to the African continent, not just to Algeria. Three deals will be concluded between foreign countries and Algeria and an African state as a third party. Trend will soon be directed to consumption in Africa, not just for the Algerian consumer”.

For his part, Chairman of the FCE, Ali Haddad, said that the Prime Minister contacted them, on Monday, and informed them of the possibility of borrowing money from four international financial institutions, which are the African Development Bank, Islamic Development Bank, the Algeria Libyan Bank and the Algerian Tunisian Bank as well, as these banks are partners to Algeria, which is a shareholder, and can now get loans from them.

Haddad suggested the development of investment and partnership between Algeria and Africa, and making each of Tamanrasset and Cherchell free zones for investment, as the first will bring in the Africans and the second will bring in foreigners, which will enable the creation of prominent partnership projects in the future.