Algerian President Abdelmadjid Tebboune announced that the private sector had been allowed to establish banks and aviation & maritime transport companies for goods and passengers in order to reduce expenditures, pointing out that “this step comes within the framework of broader reforms implemented by Algeria to face the financial problems resulting from the sharp decline in energy export revenues which is the main source of the government funding."
President Tebboune said, "Today, work is focused on encouraging private sector investors and improving the investment climate in an effort to develop the non-oil sector and reduce dependence on oil and gas," adding "today I do not mind the establishment of private investors for private companies for aviation and maritime transport of goods and passengers as well as to banks".
He stressed that "it is estimated that the bill for freight transportation services amounts to $12.5 billion annually, and therefore it is necessary to find a solution to this situation."
Tebboune revealed that Algeria's foreign exchange reserves have decreased to 57 billion dollars from 62 billion dollars in January, while energy export revenues are expected to reach 24 billion dollars this year compared to 33 billion dollars in 2019.
He also stressed that "all doors are open to investors, including the doors of banks, but we want projects that create wealth, provide jobs and reduce imports."
Source (CNBC Arabic Website, Edited)
