Algeria does not need foreign borrowing (WB vice president)

APS : Friday, 07 September 2018
ALGIERS- Algeria has “sufficient financial resources” and does not need to borrow from neither the World Bank (WB) nor the other financial institutions, World Bank Group Vice President for Middle East
and North Africa Ferid Belhaj, said in an interview with APS.
“Our (World Bank’s) commitment in Algeria is not based on funding projects. Algeria has sufficient financial resources and does not need to borrow from the World Bank (WB) or others,” said the World Bank senior official, who is on a visit to Algeria (September 4-7), adding “we have raised our commitment to Algeria to the level of dialogue and exchange of experience.”
Mentioning the Algerian experience, Beljaj said “we see how it is pertinent and to what extent it may be applied, with some adaptations, in other countries.”
On the hand, he added, the World Bank offers to Algeria its own experience, through the researches it carries out and the analyses it makes.
“It is a real exchange of knowledge and a work in which technical cooperation becomes a key element in the relationship between the World Bank and Algeria.”
In reply to a question on his visit to Algeria, the representative of the Bretton Woods’ institution said the discussions he held with the Algerian minister of Finance, the minister of the Interior, Local Authorities and National Planning, the minister of Public Works and Transports, the minister of Industry and Mining, as well as the governor of the Bank of Algeria have made it possible to get an overview of the economic situation in Algeria, with its dimensions and social depths.
“I learned from this first contact that there is a new Algeria.”

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