Algeria announces $1 billion for African development

Algerian President Abdelmadjid Tebboune said Sunday the North African nation will allocate a billion dollars to finance development projects across the continent through the Algerian Agency of International Cooperation for Solidarity and Development.

The official APS news agency said his decision was announced in a speech read by Prime Minister Aimene Benabderrahmane at the annual African Union summit of leaders in the Ethiopian capital, Addis Ababa.

"I have decided to inject one billion US dollars for the benefit of the Algerian Agency of International Cooperation for Solidarity and Development to finance development projects in African countries," read the speech, part of which was published by APS.

It said attention would be paid to "integration projects or those able to contribute to accelerating development in Africa".

Tebboune said the agency's approach was based on Algeria's conviction that "security and stability in Africa are linked to development".

Algeria is Africa's top gas exporter.

APS said the government agency, established in 2020, would coordinate with African nations seeking to benefit from the initiative.

Most of the sessions at the two-day 36th annual AU summit are being held behind closed doors.