EU grants 23 million euros to modernize Algerian financial sector.
(MEBG) –The European Union has announced that it will be allocating 23 million euros for the modernization of the Algerian financial sector, including the country’s treasury and central bank. Another 30 million euros may be add to the amount before the end of the year, and they will be earmarked for the modernization of the Algerian industrial sector.
The first allocation was agreed to during the fifth round about the association agreement between Algeria and the European Community. The association would involve politics and security, economic matters, and cultural and social affairs.
The EC’s readiness to grant funding is seen as a postive step in a negotiations process that has been characterized by concerns about security, inasmuch as it represents tangible proof of the European commitment to partnership and investment in Algeria. Other issues being tacked involve the movement of goods and persons, and the fight against xenophobia, which will be included within a legal framework.