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    Germany - Algeria business ties

    The executives of the Algerian-German chamber for commerce and industry expressed, on Thursday, after the announcement of its official creation and the opening of its office in Algiers, their commitment to play a facilitator role for the German investors to have better place in the Algerian market, and to facilitate the work of Algerian investors in Germany, plus the improvement of the image of Algeria.

    The minister of commerce, Elhachemi Djaaboub, points out, after the official announcement of the opening of the chamber that the new organ will take in charge the concerns posed by Algerian and German companies and the encouragement of the cooperation, adding that Germany was an important partner for Algeria, after the independence, to develop the industrial textile in Algeria, when the German equipment had a high reputation.

    On the other part, Djaaboub praised the development of commercial exchanges that was estimated at 2, 5 billion dollars last year, against 1, 5 billions dollars in 2004. However, the minister expressed his sorrow for most of Algerian exports being of hydrocarbon nature, pointing out that the priorities of the Algerian party is the diversification of the Algerian exports out of hydrocarbon, and the activation of small and medium companies.

    On his part, Mr Andreas Hurgenrudzr, the general director of the chamber, made it clear that the commercial exchanges are experiencing a qualitative development and that Germany is providing Algeria with many products, be them Alimentative or equipment materials.

    In the same context, the general director of the German federation for commerce and industry chambers, Mr Martin Wanslin declared that the concerns of the new German institution is the improvement of Algeria’s image and the facilitation of German investors’ work in Algeria and vice versa.

    Berlin commits itself to facilitate German investment in Algeria

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    German group Siemens commits to diversifying and enlarging activities in Algeria

    Mr Petro Donerbauer, Chairman of the German group Siemens, which is working in Algeria for 43 years, confirmed the company's commitment to the diversification and the enlargement of its activities, pointing out that the group had signed numerous contracts, and is currently materialising projects in the transport, telecommunications and energy sectors.

    Donerbauer, made it clear in the German wing, on the margins of the Algiers international fair, that the group Siemens has committed itself, in front of the president Bouteflika, to respect the deadline for the accomplishment of Algeria Metro in 2008. He added that the group is working on big projects in Algeria, amongst them the materialisation of mobile phone nets for Orascom Telecom and Al Watania Telecom, plus multi-services nets, and the phone stations that are for Itissalat El Djazair, and the specialised nets for fire workers and the Algerian airlines. Plus communication systems for the new headquarters of the ministry of energy, the new Algeria international airport.

    Donerbauer also unveiled other projects in Algeria in the energy and industry fields like the construction of the electricity units in Barwaguia and Cape Djanet, and the creation of connection systems for gas pipelines that are linking between Algeria and Spain. And amongst the most important projects that Siemens is involved in, are the creation of data systems for banks, post and Itissalat El Djazair, and the equipment of 1700 schools with computers, plus the projects of Metro Algeria, and the equipment of railways with signals systems.

    Figures advanced by the German group showed that the turnover of this company in 2004 was more than 178 millions Euros, where the group had succeeded , after the creation of its branch in Algeria in 2002, in the increase of its investments and the creation of partnership, amongst them the ones signed with the railways national company.

    >>>Source<<<

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    German exports to Algeria rising

    Trade exchanges between Algeria and Germany are witnessing remarkable growing development, according the Algerian German Commerce and Industry Chamber. Statistics indicate that German exports to Algeria exceeded one billion € last year, an increase of 60% compared to 2003. Initial economic data show a 22% rise of exports in 2006, compared to last year’s rate.

    Germany ranks fourth, after France, Italy and China, in a list of countries exporting to Algeria. At the top of Germany’s goods list exported to Algeria are cars’ spare parts, which represent 22% of the global exports. Industrial equipments including oil and gas industry equipments represent 21%, chemical products 9%, telecom technologies over 8%. Whereas Germany’s exports of iron and steel to Algeria do not exceed 5%.

    Last year, Algeria’s exports to Germany reached 16 billion €, an increase of 100% compared to 2004.

    >>>Source<<<

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    Algeria pays U.S., German debt early

    Algiers - Algeria has repaid ahead of schedule the entirety of its $1.2bn debt owed to the United States and planned to complete its debt payments to Germany this week, Algerian Finance Minister Mourad Medelci said on Monday.

    With the two repayments, the oil-rich North African country would have settled ahead of schedule its entire $8bn in outstanding debts to the Paris Club, in accordance with a May deal struck with the group of creditor countries.

    Algeria accelerated its early debt repayment to the organisation and to other creditors thanks to sky-rocketing oil revenues.

    A recently signed agreement covered the repayment of the last slice of Algeria's debt owed to the US - nearly $620mn - Medelci said.

    Algiers was also expected to sign another deal with Germany by the week's end to repay the final, outstanding $372mn owed to Berlin ahead of schedule.

    In September, Algeria repaid ahead of schedule $800mn of foreign debt owed to the London Club of private creditors.

    Overall, the country reimbursed more than $12bn in debt ahead of schedule between 2000 and the end of October. Russia cancelled another $4.73bn, according to official statistics.

    Since the beginning of the year alone, the country halved its outstanding foreign debt from $15.5bn to less than $7bn today.

    The countries Algeria has repaid in full include: France ($1.6bn), Italy ($1.7bn), Spain ($690mn), Japan ($445mn), Austria ($369mn), Canada ($255mn), Belgium ($225mn) and Great Britain ($202mn).

    They also include Sweden ($92mn), Switzerland ($66mn), Denmark ($54.3,m), the Netherlands ($45mn), Portugal ($20mn), Norway ($15.6mn), Finland ($11.8mn), along with the United States.

    Algeria pays U.S., German debt early

  5. #5
    liberte is offline Registered User
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    I may be being obtuse but why is Algeria repaying all of its foreign debt at this time? Any thoughts from anyone?

  6. #6
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    In large part it is the taking advantage of greatly increased oil revenues to enable early repayments that saves billions on interest charges and fees, enhances Algeria's international credit rating and thus creates a favorable economic climate for Algeria's attempted entry into the W.T.O.

  7. #7
    Mnarvi-DZ is offline Registered User
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    And for reference, Algeria paid over 150 billion dollars as debts and interest charges since 62 while it probably didn't get the third of this amount.
    Some econmists mainly from the IMF and the World Bank don't think this is a wise action but I doubt of their sincerity and even after paying the debts Algeria still has over 80 billion dollars in the reserves which can be used for internal development.
    Something that is not advertised in Algeria is that the Algeria gov and some Algerian companies are contracting new loans, bigger ones and with better interest rates, as the reputation of the whole country improved thanks to the repayment process....

    PS: During the tough years, Algeria used to contract new loans in order to pay old debts, and the debt repayment represented more than 1/3 (and even 1/2 as a worst case) of the whole algerian oil (only) revenue
    Avant d'ecrire il faut savoir lire,
    et avant de parler, il faut savoir ecouter
    Par El Bachir El Ibrahimi

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