The Spanish bank CaixaBank has just announced the official installation of its representative office in Algiers to ensure the accompaniment of Spanish companies that maintain economic relations with Algeria.
The representation will enable CaixaBank to provide direct support to foreign trade activities and investment projects of Spanish companies. It will also provide support for Algerian companies activating towards the Spanish market.
With the development of its activities to Algeria, the Spanish bank now sees its market share reach, according to officials, 40% of international guarantees issued and 42% for documentary export credits.
Algeria is a priority market for Spain, of which it is one of the main trading partners. Algeria ranks as the 15th largest customer in Spain and second in Africa.
At the end of 2017, according to Algerian Customs statistics, Spain was among Algeria’s main suppliers with an amount of 3.13 billion dollars, or 6.8% of total Algerian imports. In terms of exports, Spain is also among the privileged customers of Algeria with an amount of 4.14 billion dollars, a share of 12% of total Algerian sales abroad.
According to the bank, in the field of investment, Spain has about 300 companies established in Algeria, some of which are medium-sized and large, activating particularly in the sectors of engineering, water, construction and Energy.
