Portugal and Spain will build 100,000 homes in Algeria through the creation of joint ventures with local partners. This is how the government hopes to boost housing.
Algeria has commissioned the construction of 50,000 homes to Spain. Abdelmadjid Tebboune, Algeria’s Minister of Housing, and Rafael Catala Polo, Spain’s State Secretary for Infrastructures, Transports, and Housing signed a master agreement between the two countries in Algiers last 5 November. The agreement provides for the creation of Algerian Spanish joint ventures based on the 49/51 rule governing foreign investment in Algeria. According to this rule, Algerian investors must have a majority stake of 51 percent in investment projects involving foreigners.
Similar agreement will be signed with France and Italy in the next few days
‘Spain is an excellent partner for Algeria, a partner that plays the game of technology transfer. We opted for the creation of Algerian Spanish joint ventures based on the 51/49 rule to implement a variety of housing programmes in Algeria’, Abdelmadjid Tebboune said at the end of his meeting with Rafael Catala Polo.
A first agreement of this type was signed last 29 October between Algeria and Portugal. According to this agreement, 50,000 homes will be commissioned to Algerian Portuguese joint ventures on OTC basis. Similar agreements will be signed with France and Italy in the next few days.
New housing policy
These agreements illustrate the new Algerian housing policy which is based on partnerships with foreign companies. The government is seeking to speed-up project implementation and improve the quality of residential construction. It also aims to diversify its partners in the building sector. Since 2001, Chinese groups have been awarded the majority of public housing contracts.
With local building capacity of 83,000 homes per year, Algeria aims to have 225,000 housing units constructed each year in order to meet the growing demand. The government intends to build two million homes by 2014.
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