Algeria is set to launch a series of specialized investment funds to address financing challenges and achieve its goal of fostering 20,000 startups by 2029. According to Nourreddine Ouadah, the Minister of Knowledge Economy, Startups, and Micro-enterprises, these initiatives aim to diversify funding sources and support the growth of startups across various sectors.
In an interview during the Moudjahid Forum in Algiers, Ouadah highlighted the upcoming launch of two new funds focusing on the energy sector: one dedicated to conventional energy technologies and the other to renewable energy. This follows the recent establishment of a fund targeting artificial intelligence (AI) and information and communication technologies (ICT).
The Ministry is also working closely with international institutions, including the Islamic Development Bank Group, to launch funds that meet international standards. These funds are intended to assist local startups in scaling up and gaining access to broader markets, particularly in Africa and the Arab region.
In addition to these new initiatives, Algeria’s state-owned telecom company, Algérie Télécom, recently announced an investment fund worth USD 11 million (DZD 1.5 billion) to support AI startups, cybersecurity, and robotics. This initiative further aligns with the government’s objective of developing 20,000 startups and investing in AI-focused universities and incubators.
