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China Boosts Algeria’s Economy with Ksh5.1 trillion Investment

Beijing and Algiers signed 19 cooperation agreements on Tuesday during Algerian President Abdelmadjid Tebboune’s official visit to China, where he also met with his Chinese counterpart, Xi Jinping.

President Tebboune arrived in Beijing on Monday on a state visit while in the company of a group of ministers and businessmen.

China hosted President Tebboune of Algeria
President Abdelmajdid Tebboune of Algeria| Photo: APAnews

The ministers of foreign affairs, finance, energy, housing, and commerce of Algeria were also present during the meeting. The President and his entourage met with Xi at Beijing’s Great Hall of the People to discuss bilateral relations.

The agreements, according to the Chinese Foreign Ministry, span a variety of sectors, including agricultural, rail transportation, energy, aviation, and research and development. In addition, agreements were established in the fields of quarantine, sustainable urban development, trade, inspection and telecommunications.

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According to the Saudi-owned newspaper Asharq Al-Awsat, the ministerial sessions were focused on developing renewable energy.

Reuters had on Thursday reported that China plans to invest US Dollars 36 billion (Ksh5.1 trillion) in Algeria’s manufacturing, new technology, knowledge economy, transport and agricultural sectors.

“The projects and agreements concluded with the Chinese side are huge and mutually beneficial to both countries,” President Tebboune said during a meeting in the Shenzhen province of China.

The head of state of Algeria also pushed for the BRICS, a strong five-nation alliance that includes China and is generally seen as a challenge to American dominance, to be expanded to include his country.

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The ministry announced that China will work more closely with Algeria on health care, continue providing government scholarships to Algeria, and promote diplomatic collaboration in media, tourism, youth, sports, and academia in order to increase public support for the two countries’ relations.

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