(Ecofin Agency) - The Plan for Algerian banks to set up operations in sub-Saharan African countries is on.  After approval to operate in Senegal, Algeria's main public banks have been given the go-ahead to launch a subsidiary in Mauritania.

Banque Nationale d'Algérie (BNA), Crédit Populaire d'Algérie (CPA), Banque Extérieure d'Algérie (BEA) and Banque de l'Agriculture et du Développement Rural (BADR) have received  Mauritanian monetary authorities’s approval to launch a subsidiary in the country, Algerian Finance Minister Laaziz Faid announced on June 15.

"The Mauritanian central bank has authorized Banque Algérienne Mauritanie to start operations," he declared at an information day organized by the national social security fund Cnep-Banque for economic operators.

This approval follows that obtained last April by the same quartet of Algerian banks to open a subsidiary in Senegal.

In May 2022, Algerian Prime Minister Aïmene Benabderrahmane had already announced that Algerian public banks would set up subsidiaries in sub-Saharan African countries. He indicated that the subsidiaries would be an opportunity for Algeria to extend its economic influence in Africa and a mean of supporting local economic operators in their bid to conquer the continent.