Agricultural Investment: Minister of Finance Meets with OAIDA President to Foster Cooperation

BY: Hana Saada

Algiers, September 12, 2023 – The Minister of Finance, Laaziz Faid, hosted a significant meeting at the Ministry of Finance on Monday, welcoming Mr. Mohamed Ben Oubeid El Mazroui, President of the Arab Organization for Investment and Agricultural Development (OAIDA), along with a prominent delegation. This pivotal gathering revolved around discussions regarding the status and future prospects of collaboration between Algeria and OAIDA, with a particular focus on agricultural investment and economic diversification.

The press release from the Ministry of Finance highlighted that both parties seized this opportunity to brainstorm strategies aimed at stimulating agricultural investment, building on the initiatives already set in motion by Algeria. The importance of bolstering the agricultural sector, especially in the current global landscape marked by supply chain disruptions affecting essential food products, was underscored during the meeting.

Minister Faid emphasized Algeria’s unwavering commitment to the development of the agricultural sector, describing it as a strategically vital domain. He noted that the nation’s dedication to agricultural growth has been fortified in light of the worldwide disruptions that have pushed several countries to the precipice of food insecurity.

Moreover, Minister Faid called upon OAIDA to intensify its efforts in supporting agricultural sector development across Arab countries, with a primary focus on Algeria. He noted that Algeria is actively enhancing its business environment through the revision of legal frameworks governing agricultural and industrial land, as well as investment regulations. These efforts have created a conducive and secure environment for both local and foreign investors, thereby providing numerous incentives for investment.

In the same vein, Mr. Faid appealed to OAIDA for increased support in the transfer of knowledge and capacity building. This, he argued, would enable Algerian farmers to adopt best international practices in agricultural production, further advancing the sector’s growth trajectory.

In response, the President of OAIDA commended Algeria for its dedication to establishing the foundations for sustainable agricultural growth. He reaffirmed OAIDA’s commitment to reinforcing investments within Algeria, supporting the nation’s momentum to improve its agricultural sector significantly.

Founded in 1976, OAIDA is an Arab financial organization with a core mission to bolster agricultural development in Arab nations by providing support to enterprises operating within the agricultural sector. The organization boasts a wealth of experience in agricultural investment and processing. To qualify for OAIDA support, companies must operate in key areas such as animal production, crop cultivation, agri-food industries, and agricultural services.

The fruitful meeting between Minister Laaziz Faid and OAIDA President Mohamed Ben Oubeid El Mazroui underscores Algeria’s resolve to fortify its agricultural sector and aligns with OAIDA’s mission to bolster agricultural investment across the Arab world. As both parties embark on this promising collaboration, the prospects for agricultural growth and economic diversification in Algeria appear brighter than ever.