Natexis Al Amana Banque - Groupe Banques Populaires

MIGA issued a guarantee for $5.9 million to Natexis Banque of France for its equity investment in establishing a subsidiary branch in Algeria. This covers the project against the risks of transfer restriction, expropriation, and war and civil disturbance.

The project enterprise, Natexis Al Amana Banque-Groupe Banques Populaires, will be one of the first commercial banks in Algeria to specialize in trade and corporate finance for small- and medium-sized companies. It will provide financial services in corporate banking, trade finance, retail banking, and mergers and acquisitions. It is expected to finance up to $4 million in new exports each year.

The project will develop Algeria's banking sector and help expand the markets of small-scale exporters by providing affordable trade and finance instruments. New accounting, budgeting, and finance techniques will help raise business discipline and governance to international standards.