l’Algérie œuvre à renforcer sa résilience économique par la diversification de ses ressources
Strengthening Algeria’s Economic Resilience Through Strategic Diversification and Investment
On May 19th, during the official opening of the annual meetings of the Islamic Development Bank (IDB) group in Algiers, Algerian Finance Minister Abdelkrim Bouzred emphasized the nation’s commitment to enhancing its economic resilience. This involves diversifying resources and investing in critical sectors such as agriculture, hydraulic systems, and agro-industrial industries, to adapt to global economic instability.
The event, held at the "Abdelatif Rahal" International Conference Center under the high patronage of President Abdelmadjid Tebboune, was attended by Prime Minister Nadir Larbaoui, several government members, diplomatic representatives, and officials from various international and regional organizations.
Bouzred articulated the importance of economic resilience as a fundamental pillar for modern development strategies, especially amidst the changing dynamics of the international economic system. He expressed pride in Algeria’s "close" partnership with the IDB, being one of its founding members, and highlighted that hosting the annual meetings exemplified Algeria’s robust ties with this pivotal institution focused on development funding.
IDB President Muhammad Sulaiman Al-Jasser commended Algeria’s efforts toward economic diversification, describing the nation’s path toward "more inclusive and equitable" growth. He noted that Algeria is confidently advancing in strategic regional cooperation from 2025 to 2027, further solidifying economic partnerships. Underlining the fruitful collaboration, he revealed that the IDB has financed various development activities in Algeria totaling $3 billion, emphasizing the strength of bilateral relations.
Al-Jasser pointed to the significance of enhancing economic integration among IDB member nations, exploring alternative and promising markets, and boosting trade exchanges to ensure economic stability and self-sufficiency in the long term. He anticipated increasing development funding, with allocations for the 2024 fiscal year exceeding $13 billion, marking a 12% increase from 2023. Approximately $9 billion—70% of total allocations—has already been earmarked for project implementation primarily within transportation, food security, and energy sectors.
Additionally, other IDB institutions contributed significantly to the economic landscape. The Islamic Corporation for the Development of the Private Sector (ICD) allocated $663 million to support private sector growth last year, while the International Islamic Trade Finance Corporation (ITFC) disbursed over $7 billion. The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) reported operations valued at nearly $13 billion.
In support of this positive momentum, Al-Jasser announced that Fitch Ratings reaffirmed the IDB’s "AAA" credit rating. The strategic framework for 2026-2035 will serve as a foundational reference for forthcoming institutional strategies, which will be adopted during the ongoing annual meetings.
During the opening ceremony, Hussein Ibrahim Taha, the Secretary-General of the Organization of Islamic Cooperation (OIC), praised the IDB for its commendable success in addressing the development needs of member countries. He further highlighted the pressing need for enhanced economic cooperation among OIC states, particularly in light of recent geopolitical tensions, asserting that the IDB plays a crucial role in overcoming current challenges and ensuring a prosperous, resilient future.
In summary, Algeria is actively pursuing economic resilience through diversification and targeted investment in essential sectors, supported by robust collaboration with the IDB and other regional institutions. This strategic approach aims not only to bolster the nation’s economy but also to enhance cooperation among member states and face global economic challenges head-on.
