Minister Ouaddah Calls for Impact-Aware Financing
Algeria's Minister of Knowledge Economy, Start-ups, and Micro-enterprises, Noureddine Ouaddah, recently underscored the vital role of innovation in bolstering the competitiveness and long-term viability of institutions. Speaking at the inaugural Excellence, Sustainability and Responsibility Summit, Minister Ouaddah highlighted that innovation is a fundamental driver for developing solutions, products, and operational methods that integrate environmental, social, and governance (ESG) considerations. This strategic approach is seen as essential for improving institutional performance and aligning with the ongoing transformations within the national economy.
Minister Ouaddah emphasized the critical need to foster and fund innovation, integrating it into the daily practices of enterprises. He pointed to the significance of good governance as a core element within these criteria, asserting that robust governance frameworks contribute to a stronger commitment to environmental and social mandates. Furthermore, the Minister stressed the importance of adopting new financing models that explicitly factor in environmental and social impacts, advocating for a transition from traditional financing approaches, which primarily focus on economic returns, to those that also consider broader societal and ecological effects. He affirmed that Algeria is actively supporting innovation, entrepreneurship, and micro and start-up enterprises, enhancing their collaboration with financial institutions, and working to build confidence in young professionals and university graduates to develop impact-oriented projects.
International partners have echoed this perspective, recognizing the strategic and economic benefits of integrating ESG criteria into Algeria's economic framework. Diego Mezzana Pascua, the European Union Ambassador to Algeria, affirmed that embracing these standards is a strategic choice that will enhance the competitiveness of Algerian businesses and the wider economy. He noted that incorporating ESG criteria into public policies and corporate strategies would strengthen their capacity to adapt to economic shifts and bolster economic and industrial partnerships between Algeria and the EU. Similarly, Oliver Blank, General Manager of the Algerian-German Chamber of Commerce and Industry, expressed the Chamber's readiness to assist Algerian companies in adopting sustainability and international standards through knowledge exchange and enhanced cooperation among economic actors.
