Signature d’une convention de partenariat entre le FGAR et la banque Al Baraka

Signature of a partnership agreement between FGAR and Al Baraka Bank

operating credits agreement

A partnership agreement was signed last Tuesday in Algiers between the Credit Guarantee Fund for Small and Medium Enterprises (FGAR) and the Bank Al Baraka Algeria, relating to the guarantee of operating credits granted by the bank for the benefit of this category of companies.
Speaking on this occasion, the director of SMEs at the Ministry of Industry, Mohamed Benyoucef Benbouali, indicated that this agreement establishes an operational cooperation framework between the FGAR and the bank, after the 2025 Finance Law allowed the FGAR to develop new instruments and guarantee new financing products, after it had been limited, for a long period, to the guarantee of investment credits.
According to Mr. Benbouali, “this agreement does not only constitute a technical approach, but also represents a practical commitment to investors and project leaders, while offering them a reassuring message likely to encourage them to develop their activities, to contribute to the creation of added value within the Algerian economy and to open the way for future agreements.”
The same official further estimated that the FGAR, through its long experience and its institutional positioning, constitutes “a strategic partner” of the banking sector and “an essential actor” in supporting entrepreneurial initiative, noting that the combination of its efforts with the Al Baraka Algeria bank sends a clear message, according to which, “the State continues its support for the dynamics of national production and that the public-private partnership is an irreversible strategic choice”.
For his part, the Director General of FGAR, Mr. Temam El Hadi, highlighted that the signed agreement demonstrates “the strong convergence” between the vision of the Fund and the nature of the operations carried out by the bank in financing the economic sector, particularly SMEs.
According to him, this type of agreement will make it possible to accelerate the pace of development of SMEs, serving the national economy, especially since the Fund plans to sign similar agreements with other banks.
For his part, the general director of Bank Al-Baraka Algeria, Mr. Abdelmouneim Othmani Marbout, affirmed that this agreement will make it possible to expand the number of beneficiaries, reduce risks and support the real growth of these companies.
Manuel Z.