Algeria, UAE plan $333mn debt deal

UAE gov't to convert millions of Algerian debt into investments into the North African country.
Algeria, UAE plan $333mn debt deal
By Hamid Ould Ahmed
Thu 12 Jun 2008 09:38 AM

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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