Algerian public banks are to allocate up to DZD 1,200 bn (US$15 bn) in a large-scale program to build 300,000 housing units under hire-purchase and public promotion schemes, Mohamed Djellab CEO of Crédit populaire d’Algérie (CPA) announced on Sunday.
To the purpose, a funding agreement aimed at public promotional housing projects was signed Sunday between CPA on behalf of all public banks and the National Company of Real Estate Promotion (ENPI).
This agreement will allow CPA as a lead bank to fund ENPI projects to build more than 150,000 public promotional housing units.
Another agreement was signed in April to ensure funding by public banks for the construction of 100,000 hire-purchase public housing units from a total of 150,000 units that AADL (the National Agency for Housing Improvement and Development) plans to complete in 2013 and 2014.
The overall amount allocated by public banks under the two agreements is nearly DZD 1, 200 billion (UD$15 billion).
According to Abdelmadjid Tebboune, Minister of Housing and Urban Planning, the main purpose of this switch from budgetary funding to bank funding is to ensure continuity of public projects and transition to market economy.
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