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Move comes within 2025 budget
Algeria is planning to increase the capital of its national investment fund - Fonds National dinvestissement (FNI) - by nearly 83 percent to ensure sufficient funds for investors seeking to set up projects, an Algerian newspaper said on Monday.
From 150 billion Algerian dinars ($1.06 billion), FNI’s capital will be raised to DZD275 billion ($2.06 billion), the Arabic language daily Elkhabar said.
“The move is part of measures to be announced by the government within the 2025 budget, including issuing sovereign bonds to fund projects,” the paper said, quoting government sources.
The FNI is a specialised public financial institution tasked with providing investment financing through loans to companies or by acquiring equity stakes in partnership with local or foreign investors to achieve national development objectives.
Last month, Baladna Trading and Investment, a subsidiary of Qatari agricultural company Baladna, had entered into a shareholder agreement with FNI for establishing an integrated dairy and milk powder production project in southern Algeria, set to become one of the largest agricultural ventures in the region. |
