Ever since the introduction by the Algerian government two years ago of a system to support the employment of young people, the country’s banking sector has financed some 34,000 projects which represents an investment of 42 billion dinars, and 89,000 jobs in terms of employment.
This initial drive was led by the public banks, but won’t be alone anymore. Now, it is reported that an investment bank with private capital and investment funds is planing to become involved.
While the younger members of the country’s business community still complain about delays in granting funds once a request has been approved, and criticize them for “excessive prudence,” there is agreement that there’s been an improvement in their relationship with the banks.
Financial commitments differ from one bank to another. Banque Exterieur d’Algerie (BEA) approved 1,400 files for an amount of 1.6 billion dinars. At Credit Populaire d’Algerie (CPA) the amount reached 5 billion dinars, and Banque Nationale d’Algerie (BNA) some 13 billion dinars in loan requests.
