President Bouteflika’s 2005 Charter for Peace and National Reconciliation closed a chapter of Algeria’s tumultuous past and focused instead on solid economic development program and reforms. This has been dovetailed by record oil prices steering the North African nation into a period of exceptional prosperity. Given such a favorable context, it is not surprising that a growing number of financial institutions, including Lebanese banks, see opportunities in Algeria. “By restoring security, stability, credit worthiness, economic growth, and convertibility on current accounts, Algeria elicits all the features of a business environment that is predictable, safe and attractive for the expansion of foreign direct investment (FDI),” said Joe Dakkak, general manager of Fransabank El Djazaïr. The African nation is currently running substantial trade surpluses and building up record foreign currency reserves, close to $100 billion. According to Nassib Ghobril, head economist of Byblos Bank which is currently applying for a license in
