Financing and investing agreement signed between Algerian and Libyan banks

Published May 13th, 2004 - 02:00 GMT

A financing and investing agreement was signed recently in Algiers between the international joint bank "The Housing Bank for Trade and Finance-Algerie" and the Libyan Foreign Bank.  

 

The agreement signed by general manager of Housing Bank-Algerie and the representative of the Libyan bank, respectively Said Belaidouni and Meftah Diab, in presence of Algeria's Finance Minister, Abdellatif Benachenhou, is about the guarantee and management by the "Housing Bank-Algerie" of the credits allocated by the Libyan Bank to the Libyan private investors who will create enterprises of Algerian right.  

 

According to APS, this agreement allows the financing, as a first step, of 60 investing projects in the sectors of industry, services and agriculture, estimated at $40 million.  

 

Benachenhou underscored in his intervention the importance of such an agreement which "constitutes, as he said, a means to support the financing of the economic enterprise in Algeria."  

 

The Minister observed that the "Housing Bank-Algerie" is the only private bank in Algeria which is involved in this kind of financing. (menareport.com)

© 2004 Mena Report (www.menareport.com)


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