The envelope will be made available to the Algerian Agency for International Cooperation for Solidarity and Development. It will be used to finance projects in African countries to promote economic integration and accelerate development.
Algerian President Abdelmadjid Tebboune (photo) announced on Sunday, February 19 that he had decided to allocate an envelope of one billion dollars to the financing of development projects in Africa.
The information comes from a speech read on behalf of the Head of State during the 36th Summit of Heads of State and Government of the African Union (AU) by the Algerian Prime Minister, Aïmene Benabderrahmane.
“I have decided to inject an amount of one billion US dollars for the benefit of the Algerian Agency for International Cooperation for Solidarity and Development for the financing of development projects in African countries, in particular projects of integration or those in a position to contribute to accelerating development in Africa,” Mr. Tebboune said.
“This approach stems from Algeria’s conviction that security and stability in Africa are linked to development”, he added, indicating that the Algerian Agency for International Cooperation for Solidarity and Development “will initiate procedures for implementing this strategic initiative in coordination with African countries wishing to benefit from it”.
The creation of this agency dedicated to international cooperation was announced in 2020 on the occasion of an AU summit. According to its statutes, this institution is a “public establishment with a specific character endowed with legal personality and financial autonomy and placed under the supervision of the presidency of the Algerian Republic”.
Its main mission is to participate in the development and implementation of the national policy of international cooperation in economic, social, humanitarian, cultural, educational, scientific, and technical matters.
The agency is also responsible for monitoring the technical and financial management of assistance and international cooperation projects for third countries, coordinating the implementation of the training policy for foreigners in Algeria and the training of Algerians abroad and promoting the placement of national skills abroad.
