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Algeria, UAE plan $333mn debt deal
by This email address is being protected from spam bots, you need Javascript enabled to view it on Thursday, 12 June 2008
DEBT DEAL: The UAE government has signed an MoU to turn Algeria's debt into investment in the North African country. (Getty Images)
The UAE signed on Wednesday a memorandum of understanding with Algeria to convert $333 million of Algerian debt into investments in the North African country, Algerian official news agency APS said.
The agreement "will enable investors entitled by the government of Abu Dhabi Emirate to increase the volume of Emirates investment in Algeria," APS quoted a source at the Algerian Finance Ministry.
The memorandum is part of an Algerian government policy to attract inward investment, especially from Arab states, it added.
Industry and Investment Promotion Minister Abdelhamid Temmar said last month Algeria received $13.53 billion in foreign direct investment for the 2001-2007 period, 60 percent of which came from Arab countries. (Reuters)
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