Algeria: BEA will be responsible for SME funds
The Banque Extérieure d’Algérie (BEA) has announced that it is going to manage ten investment funds created to back small and medium-sized enterprises (SMEs) from the start of April.The one billion Dinars (€9.9 million) fund per Algerian administrative division - or wilaya - specified in the 2009 loi de finances complémentaires, will help to develop existing SMEs but also to create new ones.
In the coming weeks, a BEA delegation will visit the ten wilayas concerned by this new system to list the contractors who can receive that help and to inform them and other sector players of the fund's operating procedures.
The financing rate will be fixed at five percent of the sum allocated to each wilaya.
BEA will be responsible for the management of these funds until the creation of its subsidiary Ras El Mel Investment Algérie, whose shareholders are the BEA, at 51 percent, the Portuguese banking group Banco Espirito Santo, and a French investment fund.