Updated 2/19/23 at 6:15 p.m
A substantial envelope. Algeria will allocate $1 billion to finance development projects in Africa, its President Abdelmadjid Tebboune announced on Sunday at the African Union summit in Addis Ababa, official agency APS reports. “I have decided to allocate one billion dollars to the Algerian International Cooperation Agency 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 agency established in 2020 with an African vocation.
It “will initiate the procedures to implement this strategic initiative in coordination with the African countries that want to benefit from it,” according to the APS Natural gas and the 7th in the world This price increase made it possible to “reduce the pressure on public and external finances”, estimated the International Monetary Fund (IMF) at the end of 2022.