Algeria: ECB ready to finance EU businesses

The European Investment Bank (EIB) is ready to support European companies wishing to set up in Algeria. The EIB vice-president, Philippe De Fontaine, said Wednesday in Algiers.

“We want to see industry leaders come to settle in Algeria. We are prepared to fund European firms wishing to establish themselves here and who lack the necessary capital,” he told reporters after a meeting with the minister of State, a personal representative of the Algerian president, Abdelaziz Belkhadem.

“Our wish is to see investment (in Algeria) realized in the shortest possible time,” he added.

The vice-president of the EIB said he also discussed with Belkhadem cooperation in renewable energy and financing of Algerian companies, especially SMEs.

“We (the EIB) have engineers particularly knowledgeable in various areas such as new energy, city planning and Mediterranean natural parks,” he said. “On all these issues, we can have fruitful cooperation with Algeria,” he added.

In March 2009 the EIB provided a loan of 500 million euros for the financing of Medgaz, which will link Algeria to Spain via the Mediterranean.

Algeria and the EIB had signed in February 2008 a partnership agreement for private sector development.

This institution of the European Union had granted the Algerian public sector loans totaling 2.2 billion euros since 1980.

Between 2003 and 2007, Algeria has received funding of 255.5 million euros granted by the EIB.

Sources: lesechos.fr

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