Bank of Algeria introduces new measure to support exporters with financing
The Bank of Algeria has implemented a new measure to facilitate export operations and enhance banking support for economic operators. This initiative allows exporting companies to access bank financing to cover their treasury needs directly linked to executing export operations. The financing, provided as short-term credits in Algerian dinars by an approved intermediary bank, aims to support non-hydrocarbon exports. These funds can be used for acquiring goods for export, raw material procurement, manufacturing, packaging, and other expenses incurred until shipment. Eligible operations include those conducted via irrevocable and confirmed documentary credit or sight documentary remittance. Economic operators registered in the commercial register and involved in production or export/trading activities can benefit. The intermediary bank determines the financing amount based on the exporter's treasury needs and credit risk assessment. The Bank of Algeria has set a maximum seven-day period for credit application processing from the receipt of a complete file. Required documents include an updated commercial register, CNAS or CASNOS update, a cleared tax extract, a producer's invoice stating product availability and "valid for export," a signed export contract or purchase order, transport documents, and proof of letter of credit opening. A guarantee from an export insurance company is also required. Before financing, the bank must verify the product's referencing on the dedicated e
