Algeria is planning to create a fund for energy projects within a strategy to encourage investment in this sector, the official Algerian news agency reported on Sunday.

The Algerian Fund for Financing Emerging Enterprises, which was created in 2020 by six state-owned local banks, is working to launch the new fund through contributions from domestic energy and mining companies, the agency said, quoting the Fund’s Director General Okba Hashani.

“The new fund is still in the project stage…we have started negotiations with the local energy and mining companies for possible contributions,” he said.

Hashani said the 'Future of Energy Fund' would financially support emerging companies in Algeria’s energy sector.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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