Local Algerian bank initiates leasing company
The joint Algerian-Bahraini bank, ABC, has announced that it intends to launch a new capital leasing firm in Algeria. Al-Khaleej Al-Iktisadi newspaper reported that this new firm will be initiated by $10 million capital and in cooperation with several international associations.
The director general of the bank, Abdul-Kareem Jabarny, revealed that the ABC Bank will possess 34 percent of the new company’s capital, the Saudi-based Arabian corporation will possess 25 percent of the capital, the Tunisian Capital Leasing Company an additional 25 percent, while the remaining 16 percent of the capital will be shared by the American International Finance Corporation and a local Algerian investor.
As of the first quarter of 2001, the new firm will offer up to $100,000-$500,000 in loans for medium-sized investment projects. –(Albawaba-MEBG)