BID : le nouveau cadre de coopération prévoit des services financiers de 3 milliards de dollars sur 3 ans
The recent cooperation framework signed between Algeria and the Islamic Development Bank (IDB) aims to provide financing and insurance services worth $3 billion for the period 2025-2027. This announcement was made by IDB President Muhammad Sulaiman Al-Jasser during a joint press conference with Algeria’s Finance Minister, Abdelkrim Bouzred, following the IDB’s Annual Meetings held from May 19 to 22 under the patronage of President Abdelmadjid Tebboune.
Al-Jasser expressed gratitude to President Tebboune for sponsoring the meetings and praised the organization. He outlined that the framework signifies a commitment from the IDB to offer financial and insurance services tailored to Algeria’s needs over the forthcoming years.
The IDB President emphasized that Algeria holds a « special position » within the Bank and marked the initiation of a « new chapter of partnership » between the two entities. When questioned about the nature of the funding—if it involved loans or external debt—Al-Jasser clarified that he merely referred to a cooperative framework, allowing up to $3 billion over three years for Algeria to utilize as it sees fit. He further stated that if Algeria opts not to access these funds, they will remain with the Bank.
This sentiment was echoed by Bouzred, who thanked Al-Jasser for clarifying any misunderstandings regarding Algeria’s stance on external debt, aligning with President Tebboune’s previous statements.
The signed strategic cooperation agreement aims to support sectors that enhance competitiveness, foster economic diversification, develop infrastructure, and support the private sector. The agreement is structured around four main support areas: strengthening Islamic finance instruments, mitigating climate change effects, empowering women and youth, and developing skills and capacities.
In summary, the cooperation between Algeria and the IDB marks a substantial commitment of resources aimed at fostering sustainable economic development. The emphasis on flexibility and responsiveness to Algeria’s specific needs underlines the intention to build a collaborative relationship that respects the country’s economic strategy and priorities.
