Spain to convert part of Algeria's debt to investment
(AFP, ALGIERS,) – Spanish President Jose Maria Aznar announced Tuesday his country planned to convert part of Algeria's external debt into investment, during a visit to Algiers.
At a press conference, Aznar said he could not yet say how much debt his country's government was ready to convert but insisted "the essential thing is that the political will exists."
Aznar arrived on Monday for a 24-hour visit.
The Spanish president said Spain would decide on the debt conversion soon and that the country had a "renewed, genuine interest" in Algeria.
Important financial protocols would be signed between the two countries, Aznar said.
"Spain considers Algeria as a principal partner," Aznar said, adding that his country expected to contribute to Algeria's economic reform.
On Sunday, the Spanish president announced $500 million of credit would be granted to Algeria, in an interview with Algeria's APS news agency.
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