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December 4, 2024 | 1 month ago
Credit insurance and foreign trade: Algeria reveals its ambitions
Algeria reaffirmed its international ambitions at the 14th Annual General Meeting of the Union of Insurers and Reinsurers of Commercial and Non-Commercial Risks of the Countries of the Organization of Islamic Cooperation (AMAN), held in Algiers.
Finance Minister Laaziz Faid has expressed the country's desire to become a key player in facilitating and ensuring trade in Africa and the Arab-Muslim world. This ambition is part of a strategy of economic diversification and promotion of fair international trade. In his speech, Mr Faid emphasized the strategic importance of the insurance sector for economic recovery, highlighting its role in protecting commercial transactions and creating a climate of confidence for economic operators. Société Algérienne d'Assurance et de Garantie à l'Exportation (Cagex), a founding member of AMAN, plays a central role in this business development strategy.
The AMAN meeting was held under the theme "Strengthening credit insurance and trade in Africa and Arab-Muslim countries", providing a platform for exchanging knowledge and exploring new opportunities. The Union's Secretary General, Khaled Khalafallah, highlighted the importance of insurance in the face of global fluctuations and evolving trade risks. The Minister of Finance presented an ambitious vision for Algerian non-hydrocarbon exports, to reach significant levels by 2030. This vision is based on legal and legislative reforms, entrepreneurship development and an environment conducive to business expansion. The aim is to strengthen Algeria's economic presence in the Arab-Muslim and African regions.
Algeria to host IDB Annual Meetings in 2025
Discussions also focused on contemporary challenges, including the impact of political risks on the foreign trade insurance industry and the role of international development institutions in supporting inter-Arab and African trade. The meeting highlighted the need to develop professional alliances and strengthen national, regional, and international cooperation.
The event was also marked by a significant announcement from the President of the Islamic Development Bank (IDB) Group, Mohammed Al-Jasser. He confirmed that Algeria will host the IDB's Annual Meetings in 2025, reflecting the country's growing international recognition. This invitation underlines the close relationship between Algeria and this multilateral financial institution, of which the country has been a founding member since 1975.
December 4, 2024 | 
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