Algeria grants a license to the Turkish Agricultural Bank to operate in the country
Algerian authorities announced the official granting of a license to the first Turkish bank to operate in the country, represented by the “Ziraat” Agricultural Bank,
This came in a decree by the Central Bank of Algeria signed by the Governor, Salah Eddine Taleb, published in the latest issue of the Official newspaper.
The decree indicated that based on the provisions of the Monetary and Banking Law issued in June 2023, Ziraat Banksi-Algeria is granted accreditation as a bank branch.
The decree noted that the Turkish bank submitted a request to obtain accreditation to operate in Algeria on November 12, 2024.
The headquarters of the Agricultural Bank of Algeria branch will be in the Hydra area in the upper Algiers region, according to the same decree, with a capital estimated at 20 million Algerian dinars ($150,000).
The Algerian branch of the Turkish bank will be managed by the two Turks, Tolga Doniz Alkar, as General Manager, and Hemin Asim as Assistant General Manager.
Based on the Algerian Monetary and Banking Law, Ziraat Banksi-Algeria can carry out all banking operations.
With the Agricultural Bank obtaining an operating license in Algeria, the number of banks approved in the country reaches 21, distributed between government and foreign banks, in the absence of private banks.
Türkiye is considered one of the largest investors in the non-oil sectors in Algeria, and there are more than 1,400 Turkish companies in the Arab country operating in several sectors such as housing, public works, iron and steel (Tosyali Group) and textiles (Taipa).
Trade exchange between Algeria and Türkiye amounted to $6.3 billion in 2023, according to previous statements by Turkish Minister of Family and Social Services Mahinur Özdemir Göktaş.
The two countries’ presidents previously set a goal of reaching $10 billion in bilateral trade.
Algeria is considered one of Türkiye’s most prominent suppliers of liquefied natural gas, with a contract renewed several times between the state-owned fuel company Sonatrach and the Turkish Botaş company.
