Two Algerian banks have opened branches in Mauritania and Senegal, marking a new era for Algerian investment and trade in Africa. The opening of these branches is a strategic move by Algeria to take advantage of the growing intra-African trade through the African Continental Free Trade Area (AfCFTA).
The Algerian Union Bank (AUB) opened in Nouakchott, Mauritania, on July 20, 2023. The AUB is a joint venture between four Algerian public banks: the Popular Credit Bank of Algeria (CPA), the External Bank of Algeria (BEA), the National Bank of Algeria (BNA), and the Bank of Agriculture and Rural Development (BADR). The bank has a capital of $50 million.
The Algerian Bank of Senegal (ABS) opened in Dakar, Senegal, on July 25, 2023. The ABS is also a joint venture between four Algerian public banks, with a capital of $100 million.
The opening of these branches is seen as a sign of Algeria’s commitment to increasing its economic and political engagement with Africa. Algeria is the fourth-largest economy in Africa, and it has a strong interest in developing trade and investment ties with other African countries.
The opening of the AUB and ABS is also expected to boost trade and investment between Algeria and Mauritania and Senegal. The banks will provide financial services to businesses and individuals in both countries, and they will help to facilitate trade and investment between the three countries.
The opening of the AUB and ABS is a significant development for Algeria and for Africa as a whole. It is a sign of Algeria’s growing economic and political influence in Africa, and it is a boost for the AfCFTA
