The Banque Nationale d’Algérie (BNA) has signed two significant agreements aimed at bolstering financial support for emerging businesses and startups. The agreements, signed on Wednesday, represent a strategic move to facilitate access to credit and stimulate economic growth within the small and medium-sized enterprise (SME) sector.
The first agreement focuses on guaranteeing working capital loans for activities financed through conventional banking channels. The second agreement extends similar guarantee coverage to working capital loans associated with Islamic banking activities. Both agreements leverage the guarantee provided by the SME Credit Guarantee Fund.
The signing ceremony was overseen by senior officials, including the Director General of the BNA, Samir Tamrabet, and the Director General of the SME Credit Guarantee Fund, El Hadi Tamam. High-ranking executives from both institutions were also in attendance.
“These agreements underscore the strong partnership between the BNA and the SME Credit Guarantee Fund,” stated a BNA representative. They are designed to cover working capital loans and financing intended for SMEs, enabling them to meet their operational needs and enhance their overall economic performance.
The BNA emphasized that these agreements are part of an ongoing cooperative strategy with the SME Credit Guarantee Fund. This strategy aims to simplify access to short- and medium-term bank financing for SMEs, support their establishment, and facilitate the expansion of their business activities. The initiative is expected to have a positive impact on the Algerian entrepreneurial landscape.
This initiative marks a crucial step in fostering a more vibrant and accessible financial ecosystem for Algerian startups and SMEs.
