Some Algeria-based banks have been compensated for loans granted to young project leaders
Thursday, 08 March 2018 19:31
The Mutual Guarantee Risk/Credit Fund for Youth, a special Algerian fund that encourages banks to take risks by financing youth-run microenterprises, has compensated some banking institutions that have granted credit to youths with up to DA25 billion ($217.9 million).
According to Samira Djaide, director of the National Agency for Youth Employment Support (ANSEJ) which gives this information, these banks whose identities have not yet been revealed funded nearly 21,193 bankrupted projects.
However, parallel measures have been taken to help these young people repay the debts incurred. According to Samira, the measures include debts rescheduling, which equals the reduction of the debt amount with an extension of the repayment term.
Chamberline Moko
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