The government will launch the Islamic financing of the “ANADE” agency for Algerian youths wishing to benefit from Sharia-compliant loans within the framework of youth employment, as soon as banks will apply the Islamic banking services before the end of the year, the General Director of the National Agency for Entrepreneurial Support and Development “ANADE” Mohamed Chérif Bouaoud, said.

“Algerian young entrepreneurs could benefit from the procedure included in the Finance Law for the year 2020, related to the commercialization of used production lines, that is, the acquisition of second-hand factories from Europe and the rest of the world”.

ANADE’s General Manager, Mohamed Chérif Bouaoud, told Echorouk that the doors will be opened for youth who benefit from the loans of the National Agency for Entrepreneurial Support and Development (ANADE) to acquire used equipment from abroad, according to special conditions stipulated by the law and regulatory procedures approved by customs, in the same way, that the equipment is identical and suitable for use and in excellent condition to ensure that the project will succeed through it, and these procedures will be adjusted later.

He announced promises to prepare for the launch of Islamic finance soon, as soon as the Islamic offices are circulated at the level of all banks before the end of the year, as the youth benefiting from the agency loan will have a choice between the classic, currently approved financing, and the new Islamic financing, knowing that all loan applicants who have the right requirements will benefit from the loan without exception, and no request will be overlooked.

He made promises that 50.000 loans are expected to be delivered to youths during the current year, which will necessarily lead to answering the requests of all youths without exception, noting that this number is large and that the process of granting loans is taking place at a rapid pace since the beginning of the year, and that all disciplines, according to him, are open for youth who wish to obtain a loan without exception, including specializations that were closed in the past.

In addition, the National Agency for Entrepreneurial Support and Development accepted 283 files for weak institutions affiliated with it to compensate more than 44 billion centimes a week ago, after studying 500 files submitted by bank representatives, according to what the agency reported last weekend in a statement published on its official Facebook page.

The agency is studying all the defaulted files deposited on its table for more than two months and is studying 500 projects every week, through a working session of the guarantee committee consisting of representatives of the Joint Guarantee Fund to guarantee the risks of loans granted to youth with projects and the National Agency for Entrepreneurial Support and Development, which is charged with studying these files with scheduling sessions every week and studying over 500 files per session.

Previously, the Minister Delegate to the Prime Minister in charge of Small and Medium Enterprises estimated the number of previously unsuccessful “ANSEJ” enterprises at 70% of those who benefited from state support.

echoroukonline