• Algeria allocates one billion dollars to fund development projects in Africa.

• 36th edition of African Union Summit.

At the 36th African Union Summit where African leaders, heads of state, and government gathered to discuss matters concerning the continent at the African Union headquarters in Addis Ababa, Ethiopia, the government of Algeria allotted one billion dollars to fund project development in Africa.

The Algerian President, Abdelmadjid Tebboune revealed its intention on Sunday and that the funding will be achieved through the Algerian Agency of International Cooperation for Solidarity and Development.

According to APS news agency, the president’s decision was disclosed while the Prime Minister, Aimene Benabderrahmane read a speech at the AU summit.

Aimene read, “I have decided to inject one billion US dollars for the benefit of the Algerian Agency of International Cooperation for Solidarity and Development to finance development projects in African countries”.

The president said in the speech that attention would be paid to “integration projects or those able to contribute to accelerating development in Africa’.

Aimene specified that the North African country is convinced that “security and stability in Africa are linked to development”.

The Algerian government agency “will begin the procedures for the execution of this strategic initiative in coordination with the African countries wishing to benefit from it”.

The African Union Summit began on 16th January and concluded on Sunday 19th February 2023. Its 36th edition was held under the theme ‘The Year of AfCFTA: Acceleration of African Continental Free Trade Area Implementation”.

On the agenda of the Summit, African leaders deliberated on decisions on various political and socio-economic areas to promote and advance the welfare and quality of life for Africans, but it was not limited to this.

African Union was officially inaugurated in 2002 and is a continental body consisting of 55 member states of the countries in the African continent. The union is a successor to Organisation of African Unity.