The Algerian Fund for Financing Startups (AFFS) is set to launch a new investment tool to support startups in the energy and mining sectors, with a budget of one billion dinars (nearly $7.5 million), as revealed by Akba Hashani, the fund’s director-general.
Hashani told “Al-Sharq” that the new investment tool, named “Future Energy Fund,” will be financed by major energy and mining companies.
The aim is to secure the necessary financial resources for startups specializing in these sectors within Algeria.
Currently, the fund is in discussions with national energy companies and emerging enterprises to explore potential financial contributions.
Earlier this month, the Minister of Knowledge Economy and Startups, Yassine Mahdi Walid, stated to “Al-Sharq” that the country aims to increase the contribution of startups to 3% of the Gross Domestic Product (GDP). Algeria is also seeking to boost investment in research and development.
The AFFS, launched in 2020, is an investment fund created by six public banks to address the funding gap for startups.
On Thursday, Minister of Energy and Mines Mohamed Arkab announced that Algeria has allocated $50.3 billion to expand its oil and gas reserves and increase production through intensified exploration over the next four years.
Arkab also highlighted that Sonatrach, the national oil and gas company, has earmarked $416 million for environmental projects, including $67 million for solar energy and $68 million for hydrogen projects.
