On Monday, the European Union and Algeria signed a $42 million package to support Algeria diversify its economy and improve business climate through the development of renewable energy to modernisation of public finances.
The package was signed by Federica Mogherini, high representative of the union for foreign affairs and security policy/vice-President of the commission and Johannes Hahn, representing the EU as well as Algerian minister of foreign affairs Ramtane Lamamra.
Commenting on the development was Johannes Hahn, Commissioner for European Neighbourhood Policy and Enlargement Negotiations, who said: "Algeria is a key partner of the EU in our neighbourhood.
“Today's EU package for Algeria will help Algeria diversify its economy contributing to the creation of new jobs and the modernisation of public finances. Our aim is to help Algeria meet its current economic challenges, and create stronger links with European businesses.”
According to a press release, the EU will provide support in two particular areas, economic development and energy. Read more...
The measures support the country's new economic approach focused on the diversification of its economy.
The package will also address the improvement of the business climate in Algeria.
The EU will fund the development of renewable energy, promotion of energy efficiency, modernisation of the public financial management, and the implementation of the EU - Algeria Association Agreement.
The package comprises of three specific programmes: