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COP21 Summit: More than a dozen African countries pledge to restore forests

African Restoration Initiative, a coalition of African countries and donors unveiled on Sunday, an ambitious initiative on the side-lines of a crunch UN climate conference, to restore 100 million hectares of degraded and deforested land by 2030. The ambitious project for which nine financial partners and 10 technical-support partners have already pledged support, aims to […]

IMF: Algeria Still Undergoes Major Difficulties Due to Lower Oil Prices

Algeria continues to face important challenges posed by lower oil prices, says the International Monetary Fund Executive Board after concluding Article IV consultation with the North African country. Economic growth in the nonhydrocarbon sector slowed to 2.9 percent in 2016, partly under the effects of spending cuts. Inflation increased from 4.8 percent in 2015 to […]

Algeria: Government takes over steel production from ArcelorMittal

ArcelorMittal, the world’s largest steelmaker, has entered a partnership deal with the Sider, a state-owned company, to meet the local demand for steel as the arrival of car producing companies in the country continues. The deal was described by ArcelorMittal as a “strategic agreement” agreeing to lower its stakes at two steel complexes in favor […]