Algeria is the largest country of Africa and the tenth-largest country in the world. Rich in natural resources as oil and gas. It went through the political instability and the departure of former president Abdelaziz Bouteflika in 2019. It ended with the investiture of current president in 19th December 2019. Active and volunteer within the many organizations it is part in, including OPEP, Arab League and the Arab Maghreb Union, it shares good ties with the European Union, being its second provider of gas in 2019 after Russia.
Form of Government
Head of State and Government
President Abdelmajid Tebboune; Prime Minister Aymen Benabderrahmane
GDP per capita
In 2010-2020, Algeria’s GDP growth average rate was 2.14%. It has heavily suffered from COVID-19 crisis and decrease of oil prices with -5.4% in 2020. Oil extraction and resell, as well as the construction sector, represent the main sources of income for the Algerian economy. Foreign Direct Investments reached $1.38 billion in 2020, slightly decreasing since 2019 and its $1.46 billion. The investors, such as France, China and Turkey, target mostly transportation and infrastructure.
Algeria in the 9th most populated country of Africa. In 2010-2019, its population growth rate averaged at 3.3%. In 2018, 2.7 million tourists came to visit Algeria, ⅓ of whom were from the European diaspora of Algerians. Algeria’s literacy rate was 81.4% in 2018, its unemployment rate — 11.5% in 2020.
In 2020, Algeria was the third producer of oil in Africa, behind Nigeria and Angola. Algerian economy is heavily dependent on its oil&gas exports and their prices — in 2019 it represented 93% of total exports. The same year with the fall of oil prices it led to a decrease of 4.9% of GDP. The agriculture is the second most important sector in Algerian economy, contributing to about 14% of GDP. Though, it still only covers 74% of the need of Algerian inner market.
Agreement with Afreximbank for VEB’s participation in the trade promotion program as a confirming bank
On October 23, 2019, within the framework of the Russia-Africa Economic Forum, VEB.RF and Afreximbank signed an agreement on general rules and conditions for VEB’s participation in Afreximbank’s Trade Confirmation Guarantee Program as a confirming bank. The document was signed by the Deputy Chairman of VEB.RF Daniil Algulyan and the Executive Vice President of Afreximbank […]