Algeria's Council of Money and Credit (CMC) has set its sights on what would be a remarkable increase in economic credits in 2007. Up from the 7.6% increase in economic credits in 2006, the council predicted a growth rate of between 14% and 15% during the current financial year. By extending credit to the private sector through state-owned banks, the government aims at stimulating growth in GNP. The government in Algiers has allocated more than $60 billion for the current 2005-2010 five year period for investment in infrastructure and SME development in order to diversify the economy away from sole dependence on the hydrocarbons sector. The plan also calls for new affordable housing projects, transport and sewage modernization in rural areas.