Economy

ALGIERS – The Managing Director of the SME Credit Guarantee Fund (FGAR), Temam El Hadi, announced that the Fund will offer before next June an application dedicated to guarantees and monitoring of files.

“The free application, called Garantie FGAR, will allow users to request a financial guarantee, in addition to monitoring and managing files online and in a short period of time, thus facilitating direct contact with the administration of the Fund among other benefits,” El Hadi told APS.

“A financial guarantee request service has been launched, in parallel, via the FGAR electronic site, allowing project leaders to send their files and follow them online”, continued the same manager, specifying that these measures spare companies the constraint of traveling in addition to reducing file processing times”.

Regarding the FGAR’s balance sheet for the 1st quarter of 2023, Mr. El Hadi underlined that this public body has given “guarantees for a value of 4.6 billion dinars to 87 companies, having enabled their owners to benefit from around 9.6 billion dinars, with the creation of 2,094 jobs”.

According to the report presented by its general manager, the FGAR has supported 3720 companies with financial guarantees since its creation until the end of last March, for a value of more than 135 billion dinars having enabled project promoters to contract loans banks of the order of 308 billion dinars and to create 105,112 jobs in various sectors of economic activity.

Several sectors have benefited from these guarantees, led by the industry sector with 2,034 projects, followed by the tertiary sector with 859 projects and the construction and public works sector with 675 projects, while the agriculture and rural development, fisheries and fishery products received guarantees for 152 projects, adds Mr. El Hadi.

These companies are spread over 1699 projects in the wilayas of the center and 1030 projects in the East and 713 in the West, once morest 278 financial guarantees granted in favor of the wilayas of the South.