National Bank of Algeria: Two Agreements Signed to Guarantee Operating Loans

The National Bank of Algeria (BNA) and the Loan Guarantee Fund for Small and Medium Enterprises (FGAR) signed two agreements on Wednesday in Algiers. These agreements allow for the coverage of guarantees provided by the Fund for operating loans in both classical and Islamic modes, according to the public bank.

The signing took place at the National Bank of Algeria headquarters by the bank's General Manager, Samir Tamrabet, and the General Manager of the Loan Guarantee Fund for Small and Medium Enterprises, El-Hadi Temam, in the presence of executives from both sides.

The first agreement relates to covering operating loans for classical banking activities, while the second concerns operating financing for Islamic banking activities. Both are backed by the Fund's guarantee, similar to the existing mechanism for investment loans, according to the same source. Consequently, small and medium-sized enterprises (SMEs) will be able to benefit from the Fund's guarantee to cover operating loans granted by the bank to finance their operational needs.