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Against the backdrop of global economic transformation, Algeria has established itself as an emerging regional power. Praised by the World Bank for its exceptional economic performance, President Abdelmadjid Tebboune’s North African country is stepping up its collaboration with the international institution. The strategic alliance aims to accelerate the country’s energy transition and consolidate its position as an economic hub for Europe, Africa and the Arab world. The partnership is expected to propel Algeria to new heights of sustainable development and international influence.
In the context of a changing global economy, Algeria and the World Bank (WB) are strengthening their collaboration to support the country’s sustainable development, especially in strategic sectors such as energy and mining. This development was highlighted by Ousmane Dione, Vice President of the World Bank’s Middle East and North Africa (MENA) Region. Algeria.
Partnerships focused on energy transition
Algeria’s Minister of Energy and Mines, Mohamed Alkab, received Mr. Dionne to discuss cooperation opportunities, especially in the field of renewable energy. The meeting is part of Algeria’s efforts to diversify its energy mix and reduce its carbon footprint.
Mr. Arkab outlined the main axes of Algeria’s energy policy and the various development plans for the sector, in particular hydrocarbons and their infrastructure, electricity, new and renewable energy sources and Hydrogen Energy DevelopmentThe minister also discussed major infrastructure projects aimed at ensuring the country’s long-term energy security.
The World Bank, for its part, has indicated that it is ready to provide technical expertise. According to a press release from the ministry, Mr. Dionne said the World Bank “ We are willing to strengthen cooperation and exchanges with Algeria, especially in the field of renewable energy development, and set up a working group to study the possibility of developing wind energy in Algeria.« .
Award-winning economic model
During a meeting with Finance Minister Raziz Fayed, Dionne congratulated Algeria on its recent economic performance, calling the country an internationally recognized “success story.” World Bank ranks Algeria best.
The World Bank representative stressed that “ Algeria has the potential to be a key player in the MENA region due to its geopolitical stability, economic dynamism, human resources and youth, geographical location, regional connectivity, potential as a logistics hub and access to Europe, Africa and the Arab market.« .
Prospects for expanding cooperation
Discussions between the Algerian authorities and the World Bank delegation also focused on expanding cooperation to other areas. Mr. Fayed specifically invited the World Bank to focus on capacity building and technology transfer for the benefit of Algeria’s institutional framework.
Environmental challenges were also at the heart of the discussion. Mr. Feder stressed that climate change has become “ This is a structural fact, not a cyclical one, and it is now built into public policy.”, recalling the “tremendous efforts” made by Algeria to mitigate the consequences of this phenomenon.
Collaborative legacy
It should be remembered that the cooperation between Algeria and the World Bank is not new. Since Algeria’s independence in 1962, the World Bank has supported various development projects in Algeria and contributed to the development of Algeria. Infrastructure modernization and the diversification of its economy.
As Algeria continues its efforts towards structural reform and sustainable development, this new phase of cooperation looks promising. As Mr. Feder said: My country continues to pay special attention to strengthening economic governance, combating corruption and moralizing public life as prerequisites for the success of any reforms aimed at consolidating the foundations for solid and equitable economic growth.« .
Mr. Dionne’s visit and the commitments made by both parties augur well for a significant strengthening of relations between Algeria and the World Bank in the coming years, bringing new opportunities for growth and development to the North African country.
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