Algeria is in advanced discussions with the World Bank to launch a financing initiative for local startups, with some companies expected to raise more than $10M in capital, according to Knowledge Economy and Startups Minister Noureddine Ouadah.
Speaking to Asharq Bloomberg, Ouadah said Algeria aims to launch the initiative during the fifth African Startups Conference, scheduled to take place in Algiers from December 5 to 7. The World Bank has expressed interest in investing in Algeria, particularly in fast-growing companies with potential to expand across Africa and Europe, he said.
This year’s conference will focus on advanced technology in energy, healthcare, artificial intelligence, agriculture and food. It will also address digital sovereignty and ways to attract more funding to African startups. The event is expected to draw more than 25,000 participants and 40 official delegations led by African ministers.
Algeria has also introduced a 1% levy on the profits of companies with annual revenue above 2 billion Algerian dinars, or about $15M, to support research, development and innovation. The minister said the measure could generate hundreds of millions of dollars annually.
Algeria had around 200 startups in 2020. Today, it has more than 15,000 startups, projects and business accelerators, according to the minister.
Source: Alborsaa News
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