ALGIERS- Six private sector small and medium size enterprises are ready to enter Algiers Stock Exchange soon, in order to mobilize funds to finance their investment projects, according to the head of the Committee for Organizing and Monitoring Stock Exchange Operations (COSOP), Abdelhakim Berrah.
On the sidelines of the closing ceremony of the third edition of “Algeria startup challenge” competition, Mr. Berrah confirmed that 06 enterprises are preparing to enter Algiers Stock Exchange as part of a national savings announcement that will allow the financing of their investment projects.
In the same context, he added, “When the general context allows it, especially after the pandemic is over, we will enter relevant enterprises that have almost completed the procedures for joining the stock market.”
The amounts proposed by these enterprises will allow to carry out a “pedagogical” work by involving families in the fight against the informal market.
According to the head of the Committee for Organizing and Monitoring Stock Exchange Operations, “the procedure for the access of Algerian enterprises to Algiers Stock Exchange was greatly delayed due to the repercussions of Covid 19 pandemic,” adding that “companies faced great difficulties a year and a half ago prevented them from holding meetings and seminars due to the health measures set by health authorities.”
Mr. Berrah also expressed his hope that “the health situation will improve by next September to re-launch projects.”
Meanwhile, he announced the launch of the Financial Lab “Fin Lab”, which will officially enter into service in the coming days, in order to “create a suitable environment for knowledge economy,” noting that it is related to an “accelerator” developed by the Committee for Organizing and Monitoring Stock Exchange Operations and some public insurance companies, and it will be under aegis of the delegated ministry in charge of knowledge economy and startups.
This laboratory will be expanded to private economic operators in order to develop all applications and technologies related to finance, according to Mr. Berrah, stressing that finance sector is one of the “most developed industries that require constant work with young entrepreneurs.”
The Committee for Organizing and Monitoring Stock Exchange Operations is a partner of the “Algerian Startup Challenge” program, a competition dedicated to innovative entrepreneurship in Algeria, which has received more than 950 projects since its launch in 2018.