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Thursday, August 28, 2014
A new five-year investment plan is being launched by Algeria; the plan is worth $262 billion and is aimed at boosting domestic production and moving the economy away from its reliance on the petroleum sector. Projects to be included in the five-year plan are to be finalized prior to year-end according to an official statement following a cabinet meeting chaired by President Abdelaziz Bouteflika.
The new step is intended to “develop a productive and diversified economy” the statement said, although no details were given.
Algeria, a major gas supplier to Europe, depends on oil and gas for about 97% of its export earnings and spends over $50 billion per year on goods imports including food and pharmaceutical products.
This is not the first five-year plan to be launched by the North African country; over 2005-2009 the government slated $200 billion and for the years between 2010-2014 $286 billion was allotted. While projects were launched with both expenditures the outcome of the plans were disappointing to say the least. To avoid the issues of the previous decade Bouteflika has ordered the involvement of private businessmen in drafting any new scheme.
“We want to draw lessons, improve its impact on the local and human development, as well as on the development of a productive and competitive economy in all sectors,” he said, referring to the 2015-2019 plan.
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