عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Algeria Announces $1 Billion for African Development

Algerian Prime Minister Aimene Benabderrahmane at the annual African Union summit of leaders in the Ethiopian capital, Addis Ababa. - AFP
Algerian Prime Minister Aimene Benabderrahmane at the annual African Union summit of leaders in the Ethiopian capital, Addis Ababa. - AFP
TT
TT

Algeria Announces $1 Billion for African Development

Algerian Prime Minister Aimene Benabderrahmane at the annual African Union summit of leaders in the Ethiopian capital, Addis Ababa. - AFP
Algerian Prime Minister Aimene Benabderrahmane at the annual African Union summit of leaders in the Ethiopian capital, Addis Ababa. - AFP

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".

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.

Most Viewed

 
 
Business

Inflation Rose to 2.3% in Europe. That Won't Stop the Central Bank from Cutting Interest Rates

A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
TT
TT

Inflation Rose to 2.3% in Europe. That Won't Stop the Central Bank from Cutting Interest Rates

A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq

Inflation in the 20 countries that use the euro currency rose in November — but that likely won’t stop the European Central Bank from cutting interest rates as the prospect of new US tariffs from the incoming Trump administration adds to the gloom over weak growth.
The European Union’s harmonized index of consumer prices stood up 2.3% in the year to November, up from 2.0% in October, the EU statistics agency Eurostat reported Friday.
Energy prices fell 1.9% from a year ago, but that was offset by price increases of 3.9% in the services sector, a broad category including haircuts, medical treatment, hotels and restaurants, and sports and entertainment, The Associated Press reported.
Inflation has come down a long way from the peak of 10.6% in October 2022 as the ECB quickly raised rates to cool off price rises. It then started cutting them in June as worries about growth came into sharper focus.
High central bank benchmark rates combat inflation by influencing borrowing costs throughout the economy. Higher rates make buying things on credit — whether a car, a house or a new factory — more expensive and thus reduce demand for goods and take pressure off prices. However, higher rates can also dampen growth.
Growth worries got new emphasis after surveys of purchasing managers compiled by S&P Global showed the eurozone economy was contracting in October. On top of that come concerns about how US trade policy under incoming President Donald Trump, including possible new tariffs, or import taxes on imported goods, might affect Europe’s export-dependent economy. Trump takes office Jan. 20.
The eurozone’s economic output is expected to grow 0.8% for all of this year and 1.3% next year, according to the European Commission’s most recent forecast.
All that has meant the discussion about the Dec. 12 ECB meeting has focused not on whether the Frankfurt-based bank’s rate council will cut rates, but by how much. Market discussion has included the possibility of a larger than usual half-point cut in the benchmark rate, currently 3.25%.
Inflation in Germany, the eurozone’s largest economy, held steady at 2.4%. That “will strengthen opposition against a 50 basis point cut,” said Carsten Brzeski, global chief of macro at ING bank, using financial jargon for a half-percentage-point cut.
The ECB sets interest rate policy for the European Union member countries that have joined the euro currency.