Algeria raised about 251 billion dinar ($2.27 billion) from the bond it issued last April 17, APS reported on June 25.

Most of the subscriptions were made by bank agencies and insurance firms, while treasuries from wilayas collected 1% of these subscriptions.

Subscription is opened to individuals, companies, financial institutions and public institutions. It can be made in commercial banks, at Banque d’Algerie, post offices, insurance firms and public treasuries. Until now, around 7,000 subscription points were mobilized all over the country.

Subscription period was set to six months (April to October 2016). However, the minister of Finances did not disclose “maximum amount expected”.

Named “National loan for economic growth” (ENCE), the bond issued aims to “mobilize resources available and left in drawers” to fund public investment projects.

To the bond are associated two interest rates which were set according to their maturity: 5% for 3-year bonds and 5.75% for 5-year bonds.

At the begining of this operation, only one type of bonds was issued, each valued at 50,000 dinar. However, two other types of bonds were issued at the beginning of May 2016: some of 10,000 dinar destined mostly to individuals and some for 1 million dinar for big savers.