The Minister of Trade and Export Promotion, Tayeb Zitouni, and the Minister of Finance, Laziz Fayed, along with the Mauritanian Minister of Finance, Islemou Ould Mohamed Ambadi, the Mauritanian Minister of Trade, Handicrafts and Tourism, Lamrabet Ould Panahi, and the Governor of the Central Bank of Mauritania, Mohamed Lamine Ould Dahabi, inaugurated the Bank of Algeria. It is the first Algerian bank to open abroad.
This step is a geostrategic gain for the Algerian state, both economically and politically, and embodies the instructions of the President of the Republic aimed at facilitating investment and trade exchanges between Algeria and other African countries.
The Union Bank of Algeria is located in the heart of the capital, Nouakchott, and is the result of a partnership of four Algerian public banks: the Algerian Popular Credit (40 percent of the capital), the Foreign Bank of Algeria (20 percent), the National Bank of Algeria (20 percent) and the Bank of Agriculture and Rural Development (20 percent). With a capital of $50 million.
The opening of this bank comes “in implementation of the mandatory instructions of the President of the Republic, Abdelmadjid Tebboune, to open up to the African continent and participate in its development and revival by spreading Algerian banks abroad and opening sustainable exhibitions that promote Algerian products and Algerian services.”
The General Manager of the Al-Ittihad Bank of Algeria, Marwan Alian, explained that the bank’s mission is to accompany Algerian customers in exporting their products to Mauritania and West African countries and to accompany Mauritanian customers in partnership projects with their Algerian counterparts, indicating that Algerian investors will be allowed to participate in tenders for projects in Mauritania.
In mid-June, the “Union Bank of Algeria” obtained a license from the Central Bank of Mauritania to begin work, becoming the second national bank to obtain accreditation abroad, after the Algerian-Senegalese Bank was accredited by the Senegalese monetary authorities, last April. It is a bank composed of Part of the same conglomerate (the four public banks), awaiting the opening of the Algerian International External Bank in France in the future.
Following the inauguration of the bank, a permanent exhibition for Algerian products was inaugurated in Nouakchott, under the name “Export”, before the opening of the 6th session of the Algerian-Mauritanian Business Council.
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