ALGIERS – Wednesday, 24 August 2022 (APS) – The Algerian Startups Fund signed an agreement with the Treasury General Directorate and the accounting management of the State’s financial operations for the exploitation of investment funds of the provinces worth DZD58 billion, and this for the benefit of young entrepreneurs across all the country’s provinces, said the ministry delegated to the Prime Minister in a statement.
“As part of the implementation of the Government’s Action Plan, the Algerian Startups Fund has signed an agreement with the Treasury General Directorate and the accounting management of the State’s financial operations for the exploitation of investment funds of the provinces for the benefit of young entrepreneurs nationwide,” said the source.
New director of the Algerian Startups Fund Okba Hanachi said that “the total value of these investment funds amounts to DZD58 billion, or DZD1 billion for each province,” stressing that these funds “will be available to the Startups Fund for investment in startups, with funding of up to DZD150 million per project.”
“This new step initiated by the National Fund for Startups Financing, the first of its kind in Algeria, is likely to boost the ecosystem of entrepreneurship and innovation in the country,” said Hanachi in a statement.