ALGIERS – Thursday, 16 November 2023 (APS) – The President of the Republic, Abdelmadjid Tebboune announced Thursday the launch of an operation to open up 30% of the capital of two public banks to private sector investors by the end of 2023, calling on private economic operators to join the process of developing the Algerian banking sector.     

Speaking at a meeting with economic operators held at the Abdelatif-Rahal International Conference Center (Algiers), on the occasion of the closing of the Entrepreneurship Days, the President of the Republic affirmed that “the State is determined to open up the capital of public banks”, stressing that “this operation will be launched before the end of the current year or at the beginning of next year at the latest, with the opening up of the capital of two or three public banks to the tune of 30%.”


In the same vein, President Tebboune urged private-sector economic operators to invest in the banking sector through the creation of private banks to contribute to the financing of investment projects and integrate into the process of developing the national economy.

Recalling that he has repeatedly called for the opening of private banks to include funds from the private sector, the President of the Republic stressed that “the national economy must also rely on the private sector economy by self-financing without always banking on public banks.”

President Tebboune stated that “the financing of the private economic sector still depends on funds from public banks to the tune of 85%,” stressing that private sector activity covers almost 85% of the national economy, which is “an issue that needs to be dealt with.”

In addition, the President of the Republic reaffirmed the State’s commitment to recovering looted and misappropriated funds and illegally acquired property abroad, pointing out that the European Union (EU) has given its “agreement in principle for this operation.”

Pointing out that this operation, which requires “a great deal of effort, may take a long time”, President Tebboune assured the audience  that “the State is determined to recover the looted funds, in collaboration with the European States.”

President Tebboune stressed that “justice has played its part in recovering the looted funds”, insisting that “the State is constantly monitoring and controlling the funds of public banks”.