Algeria-Spain: Partial debt conversion into agricultural investment

APS : Sunday, 23 October 2016
ALGIERS- Algeria and Spain signed Sunday in Algiers an agreement on the conversion of a part of the Algerian debt held by Spain into agricultural investment, in the olive-growing industry.
The agreement was signed by Belkacemi Bencheikh, the CEO of AGRAL, a state-owned company specialized in the development of agriculture, and Francisco Javier Pozo Fernandez-Freire, the representative of LIC, a Spanish engineering projects firm.
The signing ceremony was attended by the ministers of Finance, Hadji Babaammi, of Agriculture, Rural Development and Fishing, Abdesselam Chelghoum, and Spain’s Ambassador to Algiers, Alejandro Polanco.
The agreement provides for the conversion of a EUR7-million debt held by Spain into Spanish investments in the increasing of olive production in Algeria, through a 150-hectar farm in M’sif, province of M’sila (248-km southeast of Algiers), Benlkacemi told reporters on the sidelines of the signing ceremony.

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