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Arkab with the Asian bank delegation.
Prospects for cooperation with the Asian Infrastructure Investment Bank (AIIB), which finances major projects in various sectors, including energy and transport, were examined this Monday by the Minister of State, Minister of Hydrocarbons and Mines, Mohamed Arkab, who received a delegation from this bank. This financial institution has expressed its interest in supporting Algeria in carrying out future projects.
Referring to the major structuring projects launched by Algeria and which are currently being implemented, such as the Gara Djebilet iron mine, the integrated phosphate project, the zinc and lead exploitation project, as well as the seawater desalination projects, Arkab underlined “the importance of cooperation with the Asian Bank, in a context marked by a strong dynamic of development in Algeria, particularly in the sectors hydrocarbons, mining and seawater desalination. This was indicated by the ministry in a press release, noting the presentation by the minister of a detailed presentation of the main projects underway in these areas.
Arkab thus cited the major development programs in the sector, highlighting the new legal and regulatory reforms governing hydrocarbon and mining activities, and the significant advantages they offer to investors. He also highlighted Algeria’s efforts aimed at diversifying its economy and strengthening processing industries through the development of processing industries as well as the valorization of national resources.
The minister also outlined the sector’s initiatives aimed at reducing carbon emissions and promoting the energy transition, reaffirming Algeria’s role as a reliable actor in regional and global energy security.
The visit of this delegation, led by Liqun Jin, president of this bank, constituted “an opportunity to examine the prospects for cooperation between Algeria and the Asian Bank in areas of strategic priority, notably hydrocarbons, mines, seawater desalination and industrial infrastructure, through the support and financing of major projects with an economic and environmental dimension,” said the same source.
The President of the Asian Infrastructure Investment Bank, Liqun Jin, who presented the missions and activities of the Bank, highlighted the fact that Algeria was among the first countries to join since its creation in 2015.
Expressing his satisfaction with the level of “dialogue and cooperation with Algeria”, while welcoming the country’s vision and strategy in the development of the hydrocarbon and mining sectors, Liqun Jin expressed “the Bank’s interest in supporting Algeria in its future projects”.
The director of the AIIB also pointed out the main mission of the bank which consists of financing large projects in the sectors of energy, transport, renewable energies and regional integration, with many successful examples in Asia and Africa, recalling that it now has 105 member countries, whose headquarters are in Beijing.
The same delegation was also received by the Minister of Energy and Renewable Energies, Mourad Adjal who, in turn, presented an overview of the major development projects currently underway in the energy and renewable energy sector, as well as the efforts made for the implementation of the national energy transition program, reaffirming Algeria’s place as a reliable and active economic partner, guarantor of energy security regional and international, the ministry said in a press release. The minister, who did not fail to mention the steps taken within the framework of the implementation of the national renewable energy program, underlined “the efforts of the sector to move from fossil energy to clean energies, by focusing on projects linked to green hydrogen, photovoltaic energy, hydraulic energy and wind energy, sources of the future for the world economy and not only for Algeria.”
In this sense, the minister underlined the importance of cooperation between Algeria and the Asian bank, mainly in the context of the development dynamics that Algeria is experiencing and the attractive investment climate that it offers to economic actors around the world. Ways and means of cooperation were thus examined between the two parties.