World Bank Visit to Algiers: Ousmane Dione Affirms Algeria Has What It Takes to Shape Africa's Energy Future
During an official visit to Algiers, World Bank Vice President for the MENA region Ousmane Dione praised Algeria's key energy capabilities and reaffirmed the Bank's commitment to supporting the country's structural economic and financial reforms.
During a working visit to Algiers, World Bank Vice President for the MENA region Ousmane Dione held high-level discussions with top Algerian officials, praising the nation's economic momentum and highlighting its pivotal strategic position in Africa's energy landscape.
Received by Prime Minister Sifi Ghrieb at the Government Palace, the World Bank representative commended the strong technical collaboration between Algeria and the multilateral institution. Discussions focused on the accelerated economic development agenda pursued under the leadership of President Abdelmadjid Tebboune, alongside ongoing investment initiatives designed to diversify the economy away from hydrocarbons and boost non-resource sector competitiveness.
Ousmane Dione also met with Minister of Hydrocarbons Mohamed Arkab on the sidelines of a climate finance workshop at the CIC. Both parties expressed satisfaction over the memorandum of understanding signed between Sonatrach, the IBRD, and the IFC. This partnership targets flaring reduction, methane emissions abatement, green hydrogen development, and petrochemical production, while also exploring seawater desalination equipment collaboration.
Furthermore, the World Bank delegation met with Youcef Bouzenada, President of the Stock Exchange Oversight Commission (Cosob), to discuss support for Algeria's financial market reforms. Commending recent regulatory updates and new financing mechanisms targeting SMEs and start-ups including venture capital and crowdfunding , Ousmane Dione reaffirmed the World Bank Group's commitment to supporting Algeria's evolving financial ecosystem.
Wissem Chergui
