Algeria: CNEP can now extend its activities to other sectors of the economy

May 20, 2011

The Algerian finance minister has given the National Savings and Provident the go-ahead to extend its activities to other sectors of the economy, although its role until now was limited to the funding of promotional housing.

"A resolution between the finance ministry and CNEP, signed this week, gives us the green light to extend our finance offer to investments in all sectors of the economy, apart from international trade," said a PR officer at CNEP-Banque, quoted by Algerie-dz news site.

The management of CNEP can now invest the large quantities of liquid assets that were, until recently, largely unused.

Between 2008 and the end of 2010, the bank has granted businesses in the energy, water, construction, aluminium and petrochemistry sector with 94.7 billion dinars (€922,3 million) to finance their investments, according to a document from the bank released by APS news agency.

Between its
specialisation in housing finance and the end of 2010, the CNEP has granted 443,000 consumer mortgages, with a total value of €2.1 billion.