Business / Markets

Societe Generale to aid Chinese firms in Algeria

(Xinhua) Updated: 2014-02-28 16:37

Societe Generale to aid Chinese firms in Algeria

Passengers boarding a flight to Beijing in Algiers. Algeria began to operate direct flights to the Chinese capital in 2009. [Photo / Xinhua]

ALGIERS - The Algerian subsidiary of the French Societe Generale bank said Thursday it is ready to support Chinese companies operating in Algeria.

"Between Algeria and China, many good things are happening. All you are doing is very important: hospitals, roads, universities and the masterpiece of the Great Mosque of Algiers, which are all achievements extremely important for the country," said Eric Wormser, CEO of Societe Generale Algeria (SGA) while addressing some 30 Chinese groups in Algeria at a meeting.

The meeting was initiated by SGA in coordination with the economic and commercial office of the Chinese embassy in Algeria.

"We are managing bank accounts of 15 Chinese companies and we want the number to reach 30," said Anys Rahabi, a senior banker in charge of Chinese companies at SGA.

The trade volume between Algiers and Beijing continues to grow. It went from $800 million in 2003 to $8 billion in 2013.

China has been competing with France to be the largest trading partner of Algeria.

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