Discover Algeria | About us | Press area | Contact

National and foreign private companies to open banks in Algeria

R. Akli

Legal Notices | Terms of Services

Finance

Opening the work of the Algerian-Russian Economic Forum yesterday in Moscow, where he is paying a three-day official visit at the invitation of his Russian counterpart, Vladimir Putin, Head of State, he clearly set out the outlines and the foundations of the new economic strategy put in place by the authorities, which aims, he said, to “liberate the Algerian economy from its dependence on hydrocarbons”.

Referring to the efforts made over the past two years to facilitate and free up the act of investing, Mr. Tebboune pointed out that one of the inconsistencies that now had to be remedied was the fact that in Algeria “85% of the national capital was held by the private sector, while 90 to 92% of the financial resources circulating in the national economic and commercial spheres came from the State”.

According to him, “it is this confusion between the private economy and public money that opens the way to misdemeanour ...”

So, he said, “we hope that in the near future, domestic private capital, foreign and especially Russian, will take the initiative to open up private banks so that the economic and industrial spheres in the private sector are effectively private.”

Subscribe to the economic newsletter

National and foreign private companies to open banks in Algeria

R. Akli

Popular Articles

Subscribe to the economic newsletter

Business Environment

Our sections