Algeria, China Sign 19 Cooperation Agreements During Tebboune's Visit to Beijing

Chinese President Xi Jinping and Algerian President Abdelmadjid Tebboune witness the signing of cooperation agreements in Beijing. (AFP)
Chinese President Xi Jinping and Algerian President Abdelmadjid Tebboune witness the signing of cooperation agreements in Beijing. (AFP)
TT

Algeria, China Sign 19 Cooperation Agreements During Tebboune's Visit to Beijing

Chinese President Xi Jinping and Algerian President Abdelmadjid Tebboune witness the signing of cooperation agreements in Beijing. (AFP)
Chinese President Xi Jinping and Algerian President Abdelmadjid Tebboune witness the signing of cooperation agreements in Beijing. (AFP)

Algiers and Beijing signed 19 cooperation agreements on Tuesday during Algerian President Abdelmadjid Tebboune’s visit to China where he met with President Xi Jinping.

Tebboune arrived on Monday in China for a state visit. He was accompanied by a large delegation of ministers and businessmen, signaling a new dynamism in Algeria's relations with its historic partners, including Russia.

The Algeria Press Service (APS) said the agreements include cooperation across sectors like railway transportation, technology transfer, and agricultural collaboration.

The two countries agreed on forming an expert team to encourage economic and investment collaboration.

The agreements also included a trade cooperation treaty and a memorandum of understanding (MoU) between the Chinese Academy of Governance and the Algerian Ministry of Interior and Local Authorities.

They also signed an MoU for technical cooperation in animal and plant quarantine.

The agreements included an executive program for cooperation and exchange in scientific research, an MoU for judiciary sector collaboration, and another on cooperation in social development and the renewable and hydrogen energy sectors.

Algerian government sources confirmed to Asharq Al-Awsat that the ministerial talks focused on developing renewable energies and enhancing capacities by supporting the Algerian project on applied research with renewable energies.

Ahead of signing the agreements, Xi received Tebboune and his accompanying delegation at Beijing's Great Hall of the People to discuss bilateral relations, according to the APS.

Tebboune congratulated Xi on his re-election as Secretary-General of the Chinese Communist Party and expressed his gratitude for China's support for Algeria's bid to join the BRICS group.

Algeria imported $105 billion worth of goods and services from China between 2003 and 2022. The imports stood at $400 million in 2003, rising to $8 billion in 2022.

Tebboune visited Moscow a month ago and signed several agreements with President Vladimir Putin.

At the time, Algerian newspapers highlighted the deep bilateral relations with Beijing, which date back to the time of Chinese leader Mao Zedong.

Late President Abdelaziz Bouteflika was the last Algerian president to visit China back in 2008.

China was among the first countries to recognize the independence of Algeria in 1962, and during the 1954-1962 revolution, Beijing supported the Algerian Interim Government and its efforts to discuss the “Algerian cause” before the UN and various international bodies.



World Bank Looking to Free up Emergency Funds for Lebanon, Managing Director Says

 A plume of smoke billows following an Israeli air strike on the village of Khiam in southern Lebanon near the border with Israel on October 7, 2024. (AFP)
A plume of smoke billows following an Israeli air strike on the village of Khiam in southern Lebanon near the border with Israel on October 7, 2024. (AFP)
TT

World Bank Looking to Free up Emergency Funds for Lebanon, Managing Director Says

 A plume of smoke billows following an Israeli air strike on the village of Khiam in southern Lebanon near the border with Israel on October 7, 2024. (AFP)
A plume of smoke billows following an Israeli air strike on the village of Khiam in southern Lebanon near the border with Israel on October 7, 2024. (AFP)

The World Bank is looking to free up emergency funds for Lebanon, potentially including up to $100 million through the use of special clauses in existing loan deals, its managing director of operations told Reuters.

The Washington-based development lender currently has $1.65 billion in loans to the country including a $250 million loan approved this week to help connect dispersed renewable energy projects in the country.

Amid fighting across southern Lebanon, the bank was currently discussing ways in which it could help support the economy, including through the use of so-called Contingent Emergency Response Component (CERCs) clauses.

"We can use our existing portfolio and free up some money for really critical, short-term liquidity needs," Anna Bjerde said.

CERCs are present in around 600 of the bank's existing projects, globally, and allow it to redirect funds that have yet to be disbursed, if requested to by a government, for example after a health or natural disaster, or during conflict.

Lebanon has yet to make such a request, Bjerde said.

After a year of exchanges of fire between Hezbollah and Israel mostly limited to the frontier region, the conflict has significantly escalated in Lebanon.

Hezbollah fired rockets at Israel's third largest city Haifa on Monday, while Israeli forces looked poised to expand ground raids into south Lebanon on the first anniversary of the Gaza war, which has spread conflict across the Middle East.

Lebanon's government could choose to use an existing social protection program that was put in place during the COVID-19 pandemic that allows for financial support to be sent to individuals, Bjerde said.

"It has the benefit of being totally digital so you can reach people, plus it can be verified a bit... so we will also probably use that to top up the social safety net for those that are particularly affected."

Up to 1 million people have been internally displaced in the country, she added: "So it's important we focus on that".

Lebanon's finance ministry and economy ministry did not immediately respond when asked for comment.