Germany refuses to cancel Algerian debt
The German Chanceller Gerhard Schroeder has affirmed his support for political reforms in Algeria during a speech in a German-Algerian conference in Algiers on Saturday, part of his itinerary in a brief state visit to Algeria. Schroeder is in Algeria a couple of days following meeting with Mouammar Kadhafi, the Libyan leader.
Germany has decided to place a permanent coordinator for economic relations betweens Germany and Algeria to promote sustainable commercial relations. The first occupant is Andreas Hergenrцther, with 5 years experience as adjunct director general in the legal department of the German chamber of commerce in Morocco.
However, the German chancellor Gerhard Schroeder declined Algerian requests over debt repayments. He argued that the Paris Club has different rules for oil exporting countries. However, France, Spain and Germany have restructured Algeria's debt.
Also during the visit, a major deal was signed between Siemens AG and Estel, a branch of SNTF, which specializes in signal equipment.
Algerian President, Abdelaziz Bouteflika promised stability for foreign investors. He emphasized that structural reforms will make Algeria a strong regional and world player and expressed his confidence in Algeria's macroeconomic strength and the rule of law. (menareport.com)
© 2004 Mena Report (www.menareport.com)