Finance Minister Azziz Fayed presided over the signing ceremony of a strategic partnership agreement between the Algerian Startup Financing Fund and the Algerian Insurance Company today, Monday. In his speech, Minister Fayed emphasized the significance of startups and their contribution to invigorating the economic and social landscape, thanks to their rapid growth, reliance on innovation, and use of cutting-edge technologies. He highlighted the government’s efforts to support the startup sector, including the establishment of a special fund to finance these companies’ projects to help them realize their ambitions.
Fayed mentioned that the environment for startups has been further enhanced by insurance companies developing mechanisms to support startups in terms of risk management and comprehensive insurance coverage. He also affirmed the encouragement provided to all financial sector operators towards modernizing their management styles and ensuring the digitization of their products and services.
This agreement is part of the Algerian Insurance Company’s initiative to introduce a new, fully digital insurance product designed specifically for startups. This product aims to provide adequate coverage for most risks these companies may face. The partnership entails providing this insurance guarantee to all beneficiaries of financing granted by the Algerian Startup Financing Fund, thereby mitigating some of the risks that could negatively impact the startups’ activities and their financial stability, which in turn benefits the fund.
For further details on this strategic partnership and its implications for the startup ecosystem in Algeria, visit dzwatch.net.
Partnership Agreement between Startup Financing Fund and Algerian Insurance Company
