Agence Ecofin TikTok Agence Ecofin Youtube Agence WhatsApp

Finance

Algeria to open bank in China to boost exports

Monday, 03 June 2024 10:01
Algeria to open bank in China to boost exports

(Ecofin Agency) - The government of Algeria plans to establish a bank in China to promote its exports to the Asian country, Finance Minister Laaziz Faid announced on May 30. This move follows the launch of two banks in Senegal and Mauritania in September 2023.

Algeria's major public banks aim to expand into other African, European, and Asian countries. The goal is to support economic operators and capture a portion of diaspora remittances.

"After opening banks in Mauritania and Senegal, we are working to create another bank in China," Faid told the official Algerian press agency APS, on the sidelines of the African Development Bank's annual meetings.

Faid also mentioned that studies on launching an Algerian bank in Côte d'Ivoire are progressing well.  Additionally, an Algerian bank in France recently received approval from French monetary authorities and is expected to open this year. However, the opening is subject to obtaining the necessary authorizations from the European Central Bank. This subsidiary of the Banque Extérieure d'Algérie (BEA) will open five branches in French cities with significant Algerian communities.





 
Mining


 
Telecom


 
Public Management


ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

AGENCE ECOFIN
Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

EDITORIAL TEAM
redaction@agenceecofin.com

ADVERTISING SALES
Benjamin FLAUX
bf@agenceecofin.com
Tél: +41 22 301 96 11
Mob: +41 78 699 13 72

 

Please publish modules in offcanvas position.