Funr (FUNR)

[SharonB]

I find this news very interesting from ILCO's perspective.
Algeria’s monetary council targets up to 15% credit expansion in 2007
28/05/2007

Algeria's Council of Money and Credit (CMC) has set its sights on what would be a remarkable increase in economic credits in 2007. Up from the 7.6% increase in economic credits in 2006, the council predicted a growth rate of between 14% and 15% during the current financial year. By extending credit to the private sector through state-owned banks, the government aims at stimulating growth in GNP. The government in Algiers has allocated more than $60 billion for the current 2005-2010 five year period for investment in infrastructure and SME development in order to diversify the economy away from sole dependence on the hydrocarbons sector. The plan also calls for new affordable housing projects, transport and sewage modernization in rural areas. Do I see cement here in our future?SB

In related news Monday, Algerian press reported that the CMC has given authorization to the British bank HSBC to open its doors in Algeria, thus bringing the number of foreign banks operating in the country to thirteen. The bank would have an initial authorised capital of 2.5 billion dinars, to be increased in the third year to 3.67 billion dinars. HSBC is Europe's largest bank.
http://www.magharebia.com/cocoon/awi/xhtml1/en_GB/section/news
SharonB