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February 28, 2024 | 1 year ago

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Signature of a framework agreement between the CPA and the HTT group

ALGIERS - On Tuesday in Algiers, the Hôtellerie, Tourisme et Thermalisme (HTT) group signed a framework agreement with Crédit Populaire d'Algérie aimed at strengthening their partnership for the recovery and support of the hotel and tourism establishments in its portfolio.

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The document, which was initialled at the El Marsa hotel in Sidi Fredj by CPA Managing Director Ali Kadri and HTT Group CEO Ammar Guellati, is aimed primarily at supporting cooperation between the bank and the state-owned group, with the aim of setting a recovery plan for hotel and tourist establishments facing a difficult financial situation, it was explained at the signing ceremony.


"As part of this strategic agreement, the companies in the HTT group's portfolio will benefit from facilities tailored to their cash flow difficulties, in particular through the rescheduling of loans", explained Mr Kadri, also assuring the CPA of its commitment to meeting operating and investment needs, with the possibility of receiving additional financing.


"Various financing products will be available, including short- and medium-term credit, as well as overdraft facilities and commercial discounts", he explained.


For his part, Mr Guellati stressed that the signing of this agreement with the CPA was "a decisive step that will make it possible to provide concrete solutions to the challenges facing hotel and tourist establishments".


In this context, he emphasised "the desire of both parties to join forces and pool their expertise to turn around the companies in HTT's portfolio in order to contribute to the modernisation of the tourism sector in Algeria".


A monitoring group made up of representatives of the two institutions will be responsible for regularly assessing the implementation of the decisions taken and for reporting any difficulties encountered.


The framework agreement, initially drawn up for a period of three years, is renewable by tacit agreement and will be subject to an annual assessment to make any amendments or additions, it was added.

February 28, 2024 | algeria-logo

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