Algiers – A coordination meeting was held at the People’s National Assembly (APN) headquarters today, Thursday, under the chairmanship of Mr. Slimane Smaili, Vice-President of the APN, to prepare for an upcoming meeting with a delegation from the World Bank. The meeting underscores Algeria’s proactive engagement with international financial institutions and its commitment to showcasing its economic progress.
According to a statement released by the APN, the discussions centered on outlining the key topics to be addressed during the anticipated meeting. A primary focus will be on the resilience of the Algerian economy in the face of global crises. The Algerian government is keen to demonstrate its ability to weather international economic storms and maintain a stable economic environment for its citizens and investors. This includes highlighting the diversification efforts undertaken in recent years to reduce reliance on hydrocarbons and promote other sectors.
The meeting also provided an opportunity for consultation and coordination, particularly to emphasize the crucial role played by the APN. As the legislative body responsible for approving relevant legal texts, the APN plays a vital role in shaping Algeria’s economic landscape. The statement specifically highlighted the Investment Law, which includes significant and attractive tax incentives designed to encourage both domestic and foreign investment. This law is seen as a cornerstone of Algeria’s efforts to attract capital and stimulate economic growth across various sectors.
The new Investment Law, passed in 2022, is designed to streamline investment procedures, reduce bureaucratic hurdles, and offer a more transparent and predictable regulatory environment. The incentives offered under the law, including tax breaks and exemptions, are intended to make Algeria a more competitive destination for investment in key sectors such as renewable energy, agriculture, manufacturing, and tourism. The APN views the law as a critical tool for achieving the country’s long-term economic development goals.
The meeting was attended by several key figures, including Mrs. Samira Barhoum, President of the Committee on Economic Affairs, Development, Trade, and Planning, as well as Mr. Mohamed Khalassi, Vice-President of the Finance and Budget Committee, along with other committee members. Mr. Mouad Mrabet, a senior official from the Ministry of Finance, also participated, highlighting the collaborative effort between the legislative and executive branches of the Algerian government in preparing for the World Bank delegation’s visit. This broad participation underscores the importance the Algerian government places on effectively communicating its economic strategy to international partners.
The presence of representatives from both the APN and the Ministry of Finance signifies a unified front in presenting Algeria’s economic narrative to the World Bank. This collaboration aims to ensure that the World Bank delegation receives a comprehensive and accurate understanding of Algeria’s economic realities, challenges, and opportunities. The Algerian side is expected to emphasize the country’s commitment to sustainable development, diversification of the economy, and improved governance.
The meeting with the World Bank delegation is viewed as a significant opportunity to strengthen Algeria’s relationship with a key international financial institution. It provides a platform to showcase Algeria’s progress in implementing economic reforms and its commitment to creating a more attractive and stable investment climate. The Algerian government hopes that a successful meeting will lead to increased investment and technical assistance from the World Bank, further supporting the country’s development agenda.
The focus on economic resilience is particularly pertinent given the ongoing global economic uncertainties. Algeria has faced numerous challenges in recent years, including fluctuations in oil prices, the COVID-19 pandemic, and geopolitical instability. The country’s ability to navigate these challenges and maintain economic stability is a testament to its prudent economic policies and its commitment to diversification.
Looking ahead, Algeria aims to leverage its strategic location, abundant natural resources, and growing skilled workforce to attract further investment and drive sustainable economic growth. The APN plays a critical role in this process by ensuring that the legal framework is conducive to investment and by providing oversight of the government’s economic policies. The upcoming meeting with the World Bank delegation is an important step in promoting Algeria as a reliable and attractive partner for international investment and development. The Algerian delegation is determined to present a compelling case for continued support and collaboration, highlighting the country’s potential and its commitment to long-term economic prosperity for all Algerians.
