(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.