Algeria’s Ambitious International Expansion: Establishing Algerian Bank in China to Boost Exports
✏️ BY: Dr. Hana Saada
Algiers, Algeria | June 1st, 2024 — In a strategic move to enhance Algeria’s presence on the global economic stage and bolster its non-hydrocarbon exports, the Algerian government has announced plans to establish a bank in China. This initiative was revealed by the Minister of Finance, Laâziz Faïd, during his participation in the annual meetings of the African Development Bank (AfDB) in Nairobi, Kenya. Representing the President of the Republic, Faïd emphasized the importance of this development as part of Algeria’s broader economic strategy.
Following Success in Africa
This project follows the successful establishment of Algerian banks in Mauritania and Senegal, marking another significant step in Algeria’s international banking expansion. “After opening banks in Mauritania and Senegal, we are now working on creating a bank in China,” Faïd stated, highlighting the government’s commitment to facilitating and securing export activities through a direct international presence.
Progress in Other Regions
The minister also provided updates on the progress of establishing an Algerian banking branch in Côte d’Ivoire. Furthermore, he mentioned that the Algerian bank in France, which recently received approval from French monetary authorities, is set to open this year, pending necessary authorizations from the European Central Bank (ECB). This bank, a subsidiary of the Exterior Bank of Algeria (BEA), will inaugurate five branches across France, focusing on areas with significant Algerian communities.
Strategic Partnership with China
The establishment of a bank in China is part of Algeria’s broader effort to strengthen economic and trade relations with the Asian giant. Following President Tebboune’s state visit to Beijing last July, both countries committed to deepening their economic partnership and increasing qualitative Chinese investments in Algeria, leveraging the new investment law’s advantages. They also agreed to facilitate Algerian non-hydrocarbon exports to China.
Facilitating Trade and Investment
The proposed Algerian bank in China is expected to play a crucial role in simplifying and securing financial transactions for Algerian exporters. By providing a direct banking presence, the initiative aims to reduce transaction times and costs, thereby making Algerian products more competitive in the vast Chinese market. This development aligns with Algeria’s goal of expanding its export portfolio and reducing its reliance on hydrocarbon revenues.
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