October 30, 2024 | 2 days ago

Signing of an amendment to the Naftal-Banque d'Algérie agreement: A win-win deal

An amendment to the partnership agreement between Société Nationale de Commercialisation et de Distribution de Produits Pétroliers (Naftal) (National Company for the Marketing and Distribution of Petroleum Products) and the Bank of Algeria (B.A.) was signed on Tuesday.

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Present in Algeria for over 15 years, El Sewedy Electric, an Algerian-Egyptian company, specialises in manufacturing cables and electrical transformers. Its factory in Aïn Defla employs 3,000 people and reduces the country's dependence on imported electrical equipment by supplying the main desalination plants in Béjaïa and El Taref. Since shifting to exports, El Sewedy Electric Algeria has generated over $30 million in exports to 17 countries in four years. With $450 million invested in Algeria, the company underscores the country's investment-friendly policies and is committed to increasing its contribution to Algeria's economic development.

October 30, 2024 | algeria-logo