Kuwait bank team hails meeting with top Algerian banker

(With photos) ALGIERS, July 4 (KUNA) -- A visiting Kuwaiti banker here Wednesday commended his meeting with top Algerian banker Mohamed Laksassi as "fruitful".
Badar Al-Mukhaizeem, member of the board of the Union of Kuwaiti Banks and managing director of the Kuwait Finance House (KFH), said during the meeting with Laksassi, governor of the Central Bank of Algeria, the Kuwaiti bank team was briefed in details on the level of banking services in Algeria.
Laksassi also kept Al-Mukhaizeem posted on bank registration requirements and conditions in order to establish a KFH branch in Algeria, he told Kuwait News Agency (KUNA).
To have a new office in Algeria, the KFH has to carry out many relevant economic studies and plans and obtain the approval of several Kuwaiti bodies, including the Central Bank of Kuwait (CBK), he said.
The project has won the approval of the top Algerian banker, he said, hoping that the KFH was very ambitious about investment in several fields in Algeria.
The visit by the 13-businessmen Kuwaiti team to Algeria is a major step towards a further promotion of Kuwaiti-Algerian economic and financial relations, Al-Mukhaizeem added.
During their stay in Algerian, the Kuwaiti delegation also met with several Algerian ministers and senior industrial and investment officials, including the ministers of housing, tourism and environment.
At the meeting with the Algerian ministers, the Kuwaiti team said the KFH was planning to set up many projects that could widen the horizon of development in Algeria, he said.
The Kuwaiti delegation is expected to wrap up the four-day Algiers visit Wednesday evening. (end) ft.mt KUNA 041909 Jul 07NNNN