A substantial envelope. Algeria will allocate one billion dollars to finance development projects in Africa, its president Abdelmadjid Tebboune announced on Sunday at the African Union summit in Addis Ababa, reports the official APS agency. “I have decided to allocate one billion dollars to the Algerian Agency for International Cooperation for Solidarity and Development,” the Algerian president said in a speech read by Prime Minister Aimene Benabderrahmane.
“Security and stability in Africa are linked to development”
This sum will be used to “finance development projects in African countries” because “Algeria is convinced that security and stability in Africa are linked to development”, specified Tebboune. The Algerian Agency for International Cooperation for Solidarity and Development is a government body created in 2020 with an African vocation.
It “will begin the procedures for the execution of this strategic initiative in coordination with the African countries wishing to benefit from it”, according to the APS. The recent increase in the price of hydrocarbons has reinforced the recovery of the Algerian economy post-Covid because the Algeria is the leading African exporter of natural gas and the 7th in the world.This surge in prices has made it possible to “ease the pressures on public and external finances”, estimated the International Monetary Fund (IMF) at the end of 2022.