President Kaberuka Signs AfDB Algeria Field Office Agreement

28/04/2008
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President Kaberuka Signs AfDB Algeria Field Office Agreement

The President of the African Development Bank Group (ADB), Mr. Donald Kaberuka, on Sunday 27 April, signed the agreement establishing the ADB field office in Algeria alongside Mr. Mourad Medelci, Minister of Foreign Affairs. The opening of the Office further consolidates the framework of constant and fruitful dialogue between the Bank and Algeria, and "demonstrates that Algeria remains active within our Institution", said President Kaberuka, adding that "this event is very important and expresses the ADB’s willingness to accompany the country in the implementation of its ambitious economic recovery and reform program which sends a strong message to Africa." Speaking further, President Kaberuka explained that "now the Algerian economy needed a new kind of support. From our office here in Algiers, we will imagine new responses to your needs." "We have great ambitions, given the new resources at Algeria’s disposal, especially with regard to prospects in the private sector," said Mr. Medelci. According to the Algerian Foreign Minister, the opening of the ADB office will "move cooperation away from classic financing to one that is more qualitative and ambitious, capable of promoting regional integration."

During the occasion, several meetings were held between the ADB delegation and the Head of Government, the ministers of finance, industry and investment promotion, as well as top professionals from the financial and private sector. In reply to the expectations expressed by their interlocutors regarding financing competitiveness, technical expertise and advice, ADB experts discussed the opportunities offered in those areas by the leading African development finance institution.

It will be recalled that Algeria made reimbursement of all its loans with the ADB in 2006, as it did with other donors.

Algeria is among the first 20 African countries that oversaw the establishment of the African Development Bank in 1964. Since its first intervention in Algeria 37 years ago, the Bank has financed 34 operations amounting to more than USD 2 billion.

The Algeria Office brings the number of field offices of the African Development Bank Group to 24 and falls within the framework of the decentralization policy which seeks to bring the ADB closer to its customers. That policy of proximity should considerably enhance the effectiveness of its operations in service of program and project beneficiaries.


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