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December 23, 2023 | 4 months ago

First annual meeting of the COSOB: Official launch of crowdfunding for start-ups

After drafting the regulation on participative financing, recently published in the Journal Officiel, the Commission d'Organisation et de Surveillance des Opérations de Bourse (COSOB) held its first annual meeting this Saturday at the Centre International des Conventions.

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On this occasion, Minister of Finance, Laaziz Faid, in the presence of Minister for the Knowledge Economy, Start-ups and Micro-Enterprises, Yacine el El Mahdi-Oualid, officially launched crowdfunding as an innovative mechanism for supporting start-ups. In his opening speech, chairman of the committee, Youcef Bouzenada, argued that this mechanism could be the solution to the financing problems faced by start-ups, especially in the pre-start phase.

Kamel Taleb, Director of Development and Market Surveillance at the COSOB, outlined the advantages of crowdfunding. "It is a tool for financial inclusion, since it allows the financing of companies that are excluded from traditional modes of financing, namely banking, a factor of innovation since it supports innovative and scientific projects and a means of sustainable development, collaboration and partnership and job creation," he said, pointing out that commercial companies, intermediaries in stock exchange operations and managers of investment funds can apply for the title of CIP.

Mohamed el Mahdi Boubetra, a legal executive at the COSOB, announced the recent launch of a digital platform for registering crowdfunding applications submitted by project owners and start-ups. "Applications will be processed within 30 days. It should also be noted that this platform will also be used to monitor CIPs", he emphasised. The Managing Director of ASF (Algerian Start-up Fund), Okba Hachani, also explained that crowdfunding is ideal for the pre-start phase of start-ups.

December 24, 2023 | algeria-logo

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