Banana becomes Algeria's weapon in battling trade deficit

Published 2021년 2월 11일

Tridge summary

The Algerian government is encouraging farmers like Mostafa Mazouzi to grow more bananas and other crops to reduce the country's trade deficit, which has increased due to declining energy revenues and rising import costs. The government is providing farmers with low-interest loans to grow more crops, and Mazouzi reports that banana cultivation is particularly profitable. The government's goal is to modernize the agricultural sector, increase domestic production, and decrease reliance on food imports, which account for about 20% of Algeria's foreign purchases. The government also hopes that increasing domestic production can support trade balances by covering domestic consumption and potentially exporting surplus production.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Sidi Fredj, Algeria (Reuters) - With declining energy revenues and increasing import costs, the Algerian government is turning to farmers like Mostafa Mazouzi to help reduce its trade deficit - so it loaned him a hectare of land on the condition that he grow bananas. (Tomatoes), a greenhouse that has already harvested a banana crop on new land near the Mediterranean coast. He says - without mentioning numbers - that the project is "very profitable", which also satisfies the government, which benefits from early local crops for a crop that cost $ 35 million to import. In the first quarter of 2019, Mzouzi says bananas make him more profitable than other crops because imported fruits are more expensive. He is planning to establish an association for banana producers and wants the government to expand its cultivation on the coast. He said from inside his banana plantation, west of Algiers, "Banana cultivation helps Algeria gain jobs and wealth ... We look forward to supporting ...
Source: Alittihad

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