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“A $420 million project for cereal cultivation in Timimoun”
With Italian partner Bonifiche Ferraresi, Rekkache announces:
The Director General (DG) of the Algerian Investment Promotion Agency (AAPI), Omar Rekkache, indicated, the day before yesterday Monday in Algiers, that many large-scale foreign projects will be carried out in Algeria, particularly in the agriculture and tourism sectors, given the climate conducive to investment enjoyed by the country and the facilitations granted to investors. Invited to the Forum of the daily newspaper ”El Moudjahid”, Mr. Rekkache underlined that the AAPI “is currently negotiating with several large foreign companies for the realization of their projects in Algeria in different sectors, notably agricultural and tourism, which reflects the improvement in the investment climate enjoyed by the country, as well as the facilitations and advantages that he offers to attract these investors.
Among these projects is “an agricultural project by the Italian partner Bonifiche Ferraresi (BF), which will be carried out in partnership with the National Investment Fund (FNI) for the cultivation of cereals in the wilaya of Timimoun over a total area of more than 36,000 hectares, and with a value of more than 420 million dollars,” according to the DG who affirmed that the AAPI, being responsible for granting the advantages linked to the investment, was currently negotiating with this foreign company.
The project, he continued, will also provide for “the creation of a factory for manufacturing pasta, intended for export”. Regarding the tourism sector, Mr. Rekkache indicated that AAPI was currently negotiating with a Qatari partner who had submitted a request for investment in two tourist areas.
Mr. Rekkache also mentioned the “megaproject” of the Malaysian group (Lion), which will “invest in the field of metallurgy, steelmaking and aluminum, for a total amount of eight billion dollars, spread over four phases. The cost of the first phase of investment, relating to the domiciliation of the investment from Malaysia, amounts to 3.4 billion dollars.
“The said project will be carried out as soon as an agreement is reached on the land area requested by the group,” reveals the same manager.
This promising project will reinforce the positive image of the investment ecosystem in Algeria, indicated the CEO of the AAPI, underlining the imperative of its realization given the jobs that this project will create.
Regarding the land bases intended for the implementation of investment projects and whose distribution is entrusted to the AAPI, Mr. Rekkache specified that the Agency will offer, in the days to come, via its digital platform of the investor, no less than 439 land bases, for the benefit of investors, with a total area of around 300 hectares, across several wilayas.
Concerning undeveloped land bases, the manager declared: “While waiting for the acceleration of the development operation of the latter, and the establishment of Agencies responsible for development, we will offer the possibility of negotiating with the project leader to take charge of the development of the base”.
Djamila Sai