Algiers, October 27, 2025 – The National Iron & Steel Company (SNS) and the Bank of Agriculture and Rural Development (BADR) have signed a Memorandum of Understanding (MOU) aimed at revitalizing the steel unit in Oued Moussa, Boumerdès province.
The agreement, signed earlier today, formalizes a collaborative effort between the two entities to complete and operationalize the significant industrial project located in Boumerdès. The signing ceremony was attended by senior executives from both SNS and BADR, including SNS CEO, Adel Khman, and BADR General Manager, Mohand Bourai.
According to a statement released by SNS, the MOU underscores a commitment to boosting national steel production, creating new employment opportunities, and maximizing the value of local mineral resources. This initiative represents a crucial step towards a stronger partnership between the industrial and public financial sectors.
“This agreement embodies a shared vision for achieving industrial and economic sovereignty,” the statement read. “It also reinforces the pivotal role of the metallurgical industry in Algeria’s economic development trajectory.”
The collaboration between SNS and BADR reflects a broader national strategy to support high-value-added production projects. Officials say that this initiative will contribute significantly to the ongoing industrial resurgence in Algeria.
The revival of the Oued Moussa steel unit is expected to have a positive impact on the local economy, creating jobs and stimulating growth in related industries. The project is also seen as a key component of Algeria’s efforts to diversify its economy and reduce its reliance on hydrocarbons.
