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August 3, 2022 | 4 years ago

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Cooperation Agreement between FGAR and BDL to guarantee SMEs loans

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The agreement defines "the conditions and procedures for granting financial guarantees related to operating credits granted by the BDL for the benefit of business owners and which are covered by the FGAR".

It was signed at the headquarters of the General Directorate of the BDL by the Director General of the Bank, Youcef Lalmas, and the Director General of the FGAR, El-Hadi Temam, in the presence of the Director of Economic Intelligence at the Ministry of Industry, Mokdad Aggoune, and executives from both institutions.

On this occasion, Mr Lalmas said that 'this important agreement, the first of its kind in the financial and banking sector, will allow SMEs to guarantee operating credits, in addition to investment credits, adding that the agreement provides for "support of companies that want to obtain bank loans, but do not have the means to pay the project guarantee".

The agreement also provides for 'the granting of financial guarantees to new SMEs or to those wishing to expand their activities to enable them to access bank credits,' added Mr Lalmas, saying that "the targeting of these companies, which represent more than 90% of the national economic base, will help to financial inclusion and the fight against the parallel economy".

The Banque de développement local is the first partner of the Guarantee Fund for loans to small and medium-sized enterprises (FGAR), taking into account the level of financial commitments between the two institutions, recalling that the BDL was the first bank to sign an agreement with the FGAR in 2004, as regard investment loans.


August 3, 2022 | algeria-logo

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