Algeria is positioning itself as a major force in trade insurance across Africa and the Arab-Muslim world, reflecting its commitment to fostering fair and dynamic international trade. The announcement came from Algeria’s Finance Minister, Laaziz Faid, during the 14th Annual General Assembly of the AMAN Union, held in Algiers from December 1 to 3.
Minister Faid highlighted the pivotal role of risk management in international commerce, stating that it creates a climate of confidence and serenity in favour of economic operators while converting trade opportunities into productive activities. This, he asserted, strengthens regional trade and promotes economic growth.
Algeria’s ambitions align with its broader strategy to diversify exports beyond hydrocarbons. The Finance Minister underscored that Algeria views fair international trade as a strategic pillar for economic growth and an essential mechanism for achieving the Sustainable Development Goals (SDGs) by 2030.
Citing significant growth in Algerian non-hydrocarbon exports in recent years, Mr. Faid expressed optimism that this trend would accelerate by 2030, supported by legislative reforms, entrepreneurship initiatives, enhanced investment, and a conducive environment for international trade. He also reiterated Algeria’s intent to deepen cooperation with the AMAN Union to strengthen regional trade integration.
On the sidelines of the event, Algeria made strides in solidifying its role in trade insurance. The Algerian Export Insurance and Guarantee Company (Cagex) signed several cooperation agreements and protocols with leading banks and insurance firms from Arab, African, and Muslim countries.
Key agreements included:
- Islamic Corporation for the Insurance of Investments and Export Credits (ICIEC): A protocol to exchange commercial information and strengthen mutual cooperation.
- Arab Investment Guarantee and Export Credit Company (Dhaman): A partnership aimed at enhancing export credit support.
- Export-Import Banks: Agreements with Saudi EXIM Bank, Malaysian EXIM Bank, Omani Credit Institution, and Nigerian EXIM Bank.
These collaborations focus on sharing market insights and economic operator data to bolster Algeria’s presence in trade insurance.
Founded in 1996, Cagex is a cornerstone of Algeria’s trade insurance framework, with 10 shareholders, including banks, public insurers, and the Public Treasury. Its active engagement at the AMAN Union conference underscores Algeria’s ambition to lead regional efforts in trade insurance, leveraging cooperation and expertise to unlock economic potential across Africa and the Arab-Muslim world.
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