| Algerian Economic Highlights |
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First International Conference in Algeria on Mineral Resources The Ministry of Energy and Mining organizes the «First International Conference, in Algeria , on Mineral Resources: CIRMA 1», to be held from the 2nd to the 4th of December 2007, in Algiers . This conference is to accompany the implementation of the reforms in the Energy and Mining sector. These reforms, aiming to enhance the investment climate, resulted in, the new mining law and its ensuing texts, and the new institutional organization with its own tools, in an environment characterized by a whole series of reforms in the country. This event is to be an occasion to exchange information in order to clarify ideas on the mining environment, and it will serve as a crossroad for sharing experiences on the conditions for the promotion and development of the mining industry. It will also be an opportunity for all participants to debate all favorable assets which contribute to the efficiency of the mineral industry, either in the fields of geology, legislation, regulation or institutional matters. Its motto, which will be « Mineral resources, their development, their geological context,… a potential to invest in”, expresses the will of its sponsors to communicate information relative to the mineral potential, as well as the conditions of its development, in order to carry important undertakings with the help of all participants. CIRMA 1 will consist of four (4) events: * Plenary sessions which will allow companies, geologists, engineers, investors, capital providers and executives concerned by the mineral industry, nationally and internationally, to talk about mineral resources and their geologic context, about their legal, statutory, institutional and financial environment; to examine the services required and the potential targets in Algeria. As well as the ways and means for fostering investment in the mineral industry and, in particular, in mineral exploration. * A permanent show allowing institutions, organizations and operating companies to present the tools and means necessary for the mining activities with the aim of durable development. * «Theme workshops» designed to examine the possible strategies for the development of mineral exploration activities in general, as well as the ways and means for attracting investment for the development of mineral resources such as uranium, diamond, gold, phosphate and iron. * Business meetings allowing interested parties, investors and operational companies, to be informed on investment opportunities and targets and on the details of ancillary measures for existing investments in Algeria. Thanks to your active participation, to the help, already present, that the Ministry of Energy and Mines will give to any request, to the advantages that any one will get from this conference, we will, together, make of CIRMA, a new “rendezvous” to write, from now on, in the agenda of the mining community. For more information or any suggestion please get in touch with the Algerian Ministry of Energy and Mines: "The Technical Secretary": Mr LHacen BITAM Tél : 011 213 21 488 360
INVESTMENT CLIMATE-OPENNESS TO FOREIGN INVESTMENT As part of its effort to diversify and modernize the Algerian economy, the Government is placing increasing emphasis on promoting foreign investment. In October 1993, the Government promulgated a new Investment Code which, grants the same privileges both to foreign and Algerian investors, thus putting them on equal footing. The Government developed a regime that equals and even exceeds many of the incentives offered by many other countries. The code grants new investors the following privileges : - a three-year exemption from the value added tax on goods and services acquired locally or imported ; - an exemption on property taxes ; - a two to five year exemption from corporate income taxes ; - the right to pay just 3% in customs duties for 30 different products (for which duties are between 40-60%) ; and - the right to pay a ceiling of 7% on social security payments for Algerian employees (the normal rate is 24%). The incentives are more attractive for companies which establish export-oriented projects. A sliding scale has been established whereby those firms exporting 100% of their production receive a 100% exemption on all taxes, and pay only the 7% employer contribution on all taxes and pay the same 50% of their production receive a 50 % exemption on all taxes and pay the same 7% social security contribution. The Government established in May 1995 a new investment promotion agency (Agence de Promotion, de Soutien et de Suivi des Investissements, APSI), attached to the office of the Prime Minister, to register all investment applications, accord the advantages listed by the Code, and streamline the investment process. Government officials point out that all investments are pro-approved ; APSI's only role is to determine what advantages a particular investment should receive under the law. As part of its investment promotion efforts, the Government issued a decree in October 1993 which reduced the income tax paid by foreign technical and supervisory personnel. Whereas most foreign workers previously paid taxes of up to 70% on their salaries, personnel employed by foreign companies working in most industrial sectors whose monthly salaries are in excess of 80,000 Dinars (approximately $1,600) will now pay a flat rate of 20%. Investment Registration Procedure : To register a proposed investment and apply for the advantages listed in the Code, investors must file a Declaration d'investissement and Demande d' Advantages with APSI. By law, these two documents must be processed by APSI within 60 days of their submission. In practice, it normally takes about one month. In determining what level of advantages to accord a given investment, APSI considers the following five criteria : - whether an investor has a foreign partner ; - the extent of self-financing (a firm self-financing more than 30% of the total value of the proposed investment receives the maximum advantages) ; - the dependence on foreign inputs (investments that use more than 50% local inputs or import substitution receive the maximum advantages) ; - the extent of technology transfer, and employment creation. Hydrocarbon Investments : Investments in the hydrocarbon sector are governed by the 1986 Law Governing Activities of Exploration, Exploitation, and Pipeline Transportation of Hydrocarbons, and subsequent amendments. The 1986 law allowed foreign companies to enter joint-venture partnerships with the state hydrocarbon company Sonatrach, and remain in a minority position. The 1986 law has was amended in December 1991 to allow foreign companies to take up to a 49% share in production of existing oil fields. It also allows foreign participation in natural gas exploration, and provides extra tax incentives to stimulate hydrocarbon exploration. Conversion and Transfer Policies: For investments made in hard currency, the new Investment Code authorizes the investor to repatriate, within 60 days of a request for capital repatriation, all capital, revenues, as well as the net proceeds of the transfer, even if the latter are higher than the original amount invested. Dispute Settlement: Algeria is a signatory to the Convention of the Paris-based International Center for Settlement of Investment Disputes. Algeria also ratified its accession to the New York Convention, and adhered to the Multilateral Investment Guarantee Agency (MIGA). The Algerian Code of Civil Procedure allows both private and public sector companies in Algeria to seek international arbitration. Algeria also allows local contracts to contain international arbitration clauses. Foreign investors have full recourse to international arbitration under Algerian law. Performance Requirements and Incentives : As part of Algeria 's efforts to develop an attractive investment promotion regime, foreign investors in Algeria are not subject to any performance requirements or incentives. Right to Private Ownership: Foreign and domestic private entities may establish and own businesses and engage in all forms of business activity. Protection of Property Rights : Patents: Patents are protected by the law of December 7, 1993 and administered by the Institut Algerien de Normalisation et de Propriete Industrielle (INAPI). The December 7 law reaffirms Algeria 's ratification in 1975 of the Paris Convention and its subsequent revisions. Patents are granted for 20 years from the date the patent request filed and are available for all area of technology. Trademark Protection: Trademark Protection is afforded by the Laws of March 19, 1966 and of july 16, 1976. In 1986, authority for granting and enforcement of trademark protection was transferred from INAPI to the Centre National du Registre du Commerce (CNRC). INAPI sources indicate that a new law is under consideration which would transfer trademark authority back to INAPI. Copyright Protection : Algeria ratified in 1973 the 1952 Convention on Copyrights. The Government also passed on April 3, 1973 a law to provide copyright protection for books, plays, musical compositions, films, paintings, sculpture and photographs. The law also considers in the author the right to control the commercial exploitation or marketing of the above products. Copyright protection is managed by the Office National du Droit d'Auteur (ONDA). Regulatory System: Laws and Procedures The Government has put in place the framework to transform the Algerian economy from a centrally-planned economy in which the public sector generates goals of the Government's economic reform program are reduced controls over the economy, application of market principles to the management of state-owned firms, and development of a dynamic private sector.
HOW TO ESTABLISH IN ALGERIA ? Freedom of investment Any resident or not resident investor (natural person or legal entity), interested by the opportunities of investment in Algeria , is allowed to establish in Algeria with an aim to: * Create, in his proper name, a juridical entity governed by Algerian laws, constituted by 100 % of resident or non-resident capitals; * Enter in partnership with one or more natural persons or legal entities governed by Algerian laws; * Share, in kind or cash, an existing company's capital; * Take over an activity within the framework of a total or partial privatization. Investment guaranties and protections: * Intangibility of granted advantages; * Capital and income transfer; * Equal treatment for all investors; * Bi or multilateral international agreements related to investment * Encouragement and protection; * Possibility to recourse to international arbitration, In case of conflict, for * Non-resident foreign investors. * Non recourse to administrative requisition Branches of activity: * Goods and services production economic activities; * Investments carried out within the framework of concession and/or license allowances For any type of investment: * Creation; * Extension of production capacities; * Rehabilitation; * Restructuring; * Participation in a company's capital in kind or cash; * Resumption of activities within the framework of partial or total privatization. Encouragement to invest The ordinance n°01-03 related to investment development provides different advantages according to the localization and the nature of the investment CHAPTER I. GENERAL SCHEME ARTICLE 9: Besides the fiscal, Para fiscal, customs and excise incentives provided by the common law, investments, as defined in articles 1 and 2 here above, when realized in the terms and conditions of Article 13, may benefit from the following advantages: * Application of the customs duties reduced rate on imported equipment directly involved in the project implementation. * VAT exemption on goods and services directly involved in the project's implementation. * Transfer tax exemption, for valuable consideration, for all real estate purchases made for the specific purpose of the investment. CHAPTER II. DEROGATORY SCHEME ARTICLE 10: Shall benefit from specific incentives: * Investments carried into effect in zones requiring a particular State's support for their development. * Investments with a particular interest for the national economy, notably those using clean technologies likely to preserve environment, protect natural resources, save energy and lead to a sustainable development. The zones referred to in paragraph 1, as well as investments referred to in paragraph 2 above, are defined by the National Investment Council referred to in Article 18. ARTICLE 11 : Investments in zones referred to in paragraph 1 of article 10 benefit from the following advantages: * During the involvement implementation period: * Transfer tax exemption for all real estate purchases, for valuable consideration, made for the specific purpose of the investment; * Application of the fixed registration fee at the reduced rate of 2%0 for corporations and capital increases; * After an evaluation made by the Agency the expenditure related to the infrastructure works required for the investment shall be partially or totally covered by the government; * VAT exemption on goods and services directly inputted in the investment implementation, whether imported or purchased on the domestic market, when such goods and services are intended for operations subject to VAT application; * Application of a reduced rate of customs duties on imported goods directly involved in the investment implementation. * After the official operating starting-up: * Exemption for a period of ten (10) years of effective activity from taxation on Corporate Profits (IBS), Gross Income Taxes (IRG) on distributed profits, contractual payments (VF) and Tax on Professional Activity (TAP); * Exemption for ten (10) years, from the date of purchase, from land tax on real estate which is directly involved in investment; * Granting additional incentives intended to improve and/or facilitate investment, such as the carry forward of losses and depreciation. ARTICLE 12 : Investments referred to in paragraph 2 of article 12 shall lead to a conventional agreement between the Agency, acting on behalf of the State, and the investor. * The agreements are concluded upon approval by the Investment National Council referred to in article 18 and shall be published in the official Gazette of the Democratic People's Republic of Algeria . * The terms of this agreement shall be agreed upon, notably in case of the granting of a concession right or/and a license resulting in an investment eligible to these incentives ARTICLE 13 : Investments referred to in articles 1, 2 and 10 herein above shall be realized within a period of time previously determined by the Agency's decision. This delay starts from the notification date of the decision, unless specified otherwise by the Agency quoted in Article 6 herein above, fixing an additional delay.
INVESTMENT CODE (Decree of October 5, 1993) Part I Article 1 : The present legislative decree sets out the regulations applicable to private local investments and foreign investments made in economic activites related to the production of goods and services not expressly reserved for the States or for its component departments or any legal entity expressly designated by a law. Article 2 : Investments covered by the provisions of this legislative decree are those related to establishment, expansion of capacity, rehabilitation or restructuring, made in the form of capital or input in kind, by any individual or legal entity. Article 3 : Investments shall be made freely subject to the legislation and regulation on regulated activities. Prior to investments being made, an investment proposal shall be introduced to the Agency referred to below. Article 4 : The investment proposal of investment referral to in Article 3 above shall state, in particular: - The area of activity; - The location; - The jobs to be created; - The technology used; - The investment and financing system as well as the financial evaluation of the project, accompanied by the recovery plan; - The conditions for environmental protection; - The estimated time period for implementing the investment; - The obligations linked to the realization of the investment. With regard to regulated activities, the proposal shall be accompanied by the documents prescribed by the law and regulations in force. Where the investor is applying for benefits, the proposal shall be accompanied by all necessary support documents. Article 5 : Investment proposed in accordance with Article 4 Above, shall be granted the provided for in Part V of the present legislative decree. Article 6 : Investments proposed in accordance with Article 4 above may be granted the benefits which come under the general or the special incentive schemes provided for in the present legislative decree when the application is made to the Agency at the same time that the investments proposal is made. Article 7 : There shall be established at the Office of the Head of Government, an Agency for the promotion, support and follow-up of investments, hereinafter referred to as the "Agency". The functions of the Agency, apart from those outlined in the present legislative decree, its organization and its functioning shall be stipulated by means of regulations. Article 8 : The Agency shall be responsible for assisting investors with the formalities necessary for making their investment, particularly those related to regulated activities and ensure that the legal deadlines are met. The Agency shall be established as a one-stop facility, which groups together the administrations and bodies concerned with the investment. In this connection, it shall provide, within the time period stipulated in Article 9 below and on the authority of the administrations concerned, all the documents legally required for making the investment. Article 9 : The Agency shall have a maximum period of 60 days, from the data of the official submission of the proposal and application for benefits under the terms referred to in Article 4 above, within which to notify the investor, after appraisal, of the decision to grant or to withhold the benefits, as well as their duration in the case of agreement. In the case where the Agency's decision is to be contested, the investor may make an appeal to the supervising authority for the Agency, stipulated in paragraph 1 of Article 7 above. This authority shall have a maximum period of 15 days within which to respond. The decision is not susceptible of jurisdictional recourse. Article 10 : The decision of the Agency shall indicate, in addition to the benefits granted, the reciprocal obligation of the investor, in accordance with the proposal referred to in Article 4 above. The decision of the Agency shall be published in accordance with terms stipulated by regulation. Article 11 : The form and manner in which the of investment proposal, the application for benefits and the decision of the Agency shall be made, shall be determined by means of regulation. Article 12 : Investments made in the form of capital inputs, by means of freely convertible foreign currency, regularly quoted by the central BANK of Algeria and the importation of which is duly registered by the Bank, shall be given the guarantee for transfer of invested capital or income deriving from it. Such guarantee shall also apply to real net proceeds from transfer or liquidation, even if the amount is higher than the initial invested capital. The corresponding application for transfer by the investor shall be made within a maximum period of 60 days. Article 13 : The financing scheme referred to in Article 4 above, should include a minimum level of own funds to be determined by means of regulation. Article 14 : The investment should be made within a maximum, period of three years from the date the decision is made to grant the benefits, except where the Agency deciders to grant a longer period of time. Article 15 : Investments which are of specific importance to the national economy, particularly because of the size of the project, the nature of the technology used, the high rate of integration of local resources in the production, high foreign exchange earnings or because of their long-term returns, may be granted additional benefits, in accordance with legislation in force. For such investment an agreements shall be concluded between the Agency, representing the Government, and the investor. The investment agreement shall be concluded and approved by the Cabinet, and published in the Gazette of the Democratic People's Republic of Algeria . Part II General Schme Article 16 : The general scheme of benefits granted to investors, shall include the incentives defined in Articles 17 to 19 below. Article 17 : Investments shall be accorded, for a maximum period of three years or the period stipulated in the Article 14 above, from the date of notification by the Agency, the following benefits, on realization of the investment: -Exemption from tax on transfer in return for payment, for all real estate purchases made within the context of the investment: -Application of the fixed registration fee at the reduced rate of 5 per 1000 for articles of incorporation and capital increase: -Exemption, from the date of purchase, from tax on real estate which is part of the investment: -Exemption from VAT on goods and services which are used directly in the realization of the investment, whether they are imported or purchased on the local market when such goods and services are intended for undertaking operations subject to VAT; -Application of the reduced 3% custom duty on imported goods which form part of the investment. After agreement by the Agency, the goods referred to in the present Article may be disposed of or transferred in accordance with legislation in force. Article 18 : On the decision of the Agency, the investment may be accorded the following benefits, from the date it is put into operation: -Exemption, for a minimum period of two years and a maximum period of five years, from taxation on corporate profits contractual payments and the tax on industrial and commercial activity; -Application, after the exemption period specified in the above paragraph, of the reduced rate on reinvested rate on reinvested profits; -In the case of exports, exemption from the taxation on corporate profits, contractual payments and tax on industrial and commercial activity, in proportion to the export turnover after period of activity indicated in the paragraph above; -Application, after the exemption period specified in the above paragraph, of the reduced rate on reinvested profits; -Application of a preferential employers' contribution rate of 7% on salaries paid to the entire staff, in place of the rate fixed by the legislation and regulation on social security, during the period of exemption defined in paragraph 1 above with Government marking up the difference in the said contribution. The modalities of application of the above paragraph shall, if need be, be set out by means of regulation. Article 19 : Purchase on the local market of goods held in a bonded warehouse and intended for use in the production of export products, shall be exempted from duties and taxes. The same tax exemptions shall also apply to the operation of services linked to the purchases referred to above. Part III Special Schemes CHAPTER 1 - Investments made in specific zones Article 20 : Investment made in specific zones which are classified as areas to be promoted or areas of economic expansion, contributing to regional development may be granted the benefits provided for in this chapter. Article 21 : The investments referred to in Article 20 above shall be accorded, for a maximum period of three years or the period stipulated in Article 14 above, from the date of the Agency's notification, the following benefits on realization of the investment; - Exemption from the tax on transfer in return for payment, for all real estate purchases, made within the context of the investment; - Application of the fixed registration tax at reduced rate of 5 per 1000 for articles of incorporation and capital increases; - The taking charge of total or partial liability by the State, after appraisal by the Agency, for expenditure on the infrastructure necessary for realization of the investment ; - Exemption from VAT on goods and services used directly in the realization of the investment, whether they are imported or acquired on the local market, when the goods and services are intended for undertaking operations subjectivity VAT; - Application of the reduced rate of 3% customs duty on imported goods used directly in the realization of the investment. Such goods may be disposed of or transferred in accordance with legislation in force, after approval by the Agency. Article 22 : On the decision of the Agency, the investments referred to in Article 20 above, may be granted the following benefits, from the date they are put in operation : - Exemption, for a minimum period of five (5) years and maximum period of ten(10) years of effective operation, from taxation on corporate profits, contractual payment and tax on industrial and commercial activity ; - Exemption, from the date of acquisition, from land tax on real estate which is part of the investment, for a minimum period of five(5) years and maximum period of ten(10) years ; - Reduction by 50% of the reduced rate on profits reinvested in a specific area, after the operating period referred to in paragraph 1 above ; - In the case of exports, exemption from taxation on corporate profits, contractual payments and tax on industrial and commercial activity, in proportion to the export turnover , after the operating period referred to in paragraph 1above ; - The taking over of total or partial liability by the State for employer's contributions to the official social security system, on remuneration paid to the entire staff , for a period of five years, which may be extended on the decision of the Agency. - The manner in which the above paragraph is to be applied, shall, if need be, be laid down by means of regulation. Article 23 : The Government may grant concessions of State lands on favourable terms, which could be a taken amount of one dinar, for investments made in specific zones. - The modalities for application of this law shall be laid down by means of regulation. Article 24 : The designation and delimitation of specific zones shall be laid down by means of regulation. Chapter 2 - Investments made in export processing zones Article 25 : Investment in the from of capital inputs, made by means of freely convertible foreign exchange regularly quoted by the central Bank of Algeria, and importation which is duly registered by the Bank, may be put into operations in areas of the national territory, referred to as Export Processing Zones, where imports, exports, storage, processing or re-export operations are carried out in accordance with simplified customs procedures. In these zones, commercial transactions shall be conducted solely in foreign exchange quoted by the Central Bank of Algeria . Article 26 : The investments referred to in Article 25 above shall be made in export-oriented activities. In this context "export" means marketing outside the national customs zone, including in the Export Processing Zones, good and services produced by these investments. In this context of current legislation, commercial relations between enterprises located in the Export Processing Zones, and those located in the national territory shall be considered as foreign trade. Article 27: Notwithstanding any other legislative provision to the contrary, labour relations between the salaried employees and enterprises located in the Export Processing Zones with regard to terms of recrutment, remuneration, and dismissal, shall be governed by conventional arrangements freely agreed between the parties. The local manpower shall continue to be governed by the provisions of the national legislation on social security. Article 28 : Investments located in the Export Processing Zones shall, by virtue of their activity, be exempted from all fiscal, parafiscal and custom taxes, duties and levies, with the exception of those mentioned below ; - duties and taxes on motor vehicules for tourism purposes other than those related on the operation, - contributions and dues to the official social security system. However , a foreign staff member who is classified as non-resident before recruitment, may opt for a different social security system than the one for Algeria , except where there are provision to the contrary in bilateral agreements of reciprocity in the area of social security that Algeria has signed with the staff member's country of origin. In this case, the employer and employee are not bound to pay social security contributions and dues in Algeria . Article 29: Distributed in come generated from capital used in economic activities conducted in the Export Processing Zones shall be exempted from tax. Article 30 : Foreign personal recruited in accordance with Article 33 below shall be subject to a system of all-inclusive tax on total income amounting to 20% of total remuneration. Article 31 : The goods and services that are directly used in the realization of the investment and those necessary for their operation shall be imported freely. The payment for such operations shall be made in accordance with the exchange control regulations specific to the Export Processing Zones. Article 32 : Investors who are beneficiaries of the provisions of this chapter, are authorized to sell part of their own production in Algeria . Such sales shall be subject to legislation and regulation in force, particularly those governing foreign trade. Article 33 : The recruitment of foreigners referred to in the paragraph above shall be subject to a simple declaration to the competent employment authorities in the country. Article 34 : The modalities and conditions of designation, delimination, granting of concessions and management of the Export Processing Zones shall be determined by further legislation. Part IV Other Benefits Article 35 : Investments shall be accorded a reduced interest rate on Credit Banks, in accordance with the conditions and modes determined by regulation. Article 36 : Rehabilitation or restructuring investment aimed at revival of activity after closure or liquidation, may be accorded the benefits provided for by the present legislative decree. The benefits shall be granted on the decision of the Agency. Article 37 : businesses which do not operate continuously and which introduce, from the date of promulgation of this legislative decree, a second, third or fourth team, in order to optimize their operating capacity and services, may benefit from a State take over of 50% of the employer's contribution to the official social security system for the second team, 75% for the third team and 100% for the fourth team during a period of five years, and possibly beyond. This benefit shall be granted on the decision of the Agency. Part V Guarantees for Investments Article 38 : Foreign individuals and legal entities shall receive the same treatment as Algerian individuals and legal entities, as far as the right and obligations related the investment are concerned. Foreign individuals and legal entities shall all be treated the same, subject to the provisions of agreements concluded by Algeria with their countries of origin. Article 39 : Revisions and abrogations likely to be made in future, shall not apply to investments made within the context of the present decree, unless the investor expressly requests it. Article 40: Expect in cases provided for by legislation in force, the investments made cannot be requisitioned though administractive channels. Requisition shall be fairly and equitably compensated. Article 41 : Any dispute arising between a foreign national and the Algerian State, as a result of action taken by the investor or a measure taken by the Algerian State against the former, shall be submitted to the competent authorities, expect where Algerian has concluded bilateral or multilateral agreements on conciliation and arbitrationa where there are specific agreements stipulating on arbitration clause or allowing the parties to come to a compromise through ad-hoc arbitration Part VI Special Provisions Article 42 : Investments considered having priority under legislation in force, shall be subject to the provisions of Article 4 above. They shall be legally entitled to receive the full benefits specifiied in the legislation on priority activities. Moreover, they may be accorded the benefits provided for by the present legislative decree under the terms laid down in Article 3 to 11 above. Article 43 : investments made by State enterprises may, by means of regulation benefit from the provisions of the present legislative decree. Part VII Miscellaneous Provisions Article 44 : Investments which are accorded the benefits provided in the present legislative decree may be transferred or disposed of. The acquirer shall give an undertaking to the Agency to honour all the obligations taken on by the initial investor and which led to the granting of the said benefits. Failing this, the benefits shall be withdrawn. Article 45 : Investments that are underway , on the date of promulgation of the present legislative decree, may benefit from the provisions of the presents legislative decree. Investments put into operation within a period of five years before the promulgation of the present legislative decree may benefit from the provisions of the present legislative decree. An application shall be made to the Agency for the investments referred to in the paragraph above, in accordance with Articles 3 to 11 above. These incentives shall not, in any way, applied simultaneously with the benefits accorded before promulgation of the present legislative decree. They are not retoactive and do not provide entitlement to tax credit or any other form of commitment from the Government for periods preceding the promulgation of the present legislative decree. Article 46 : investments that are accorded the benefits provided the present legislative decree, shall be subject, during the period of the said benefits, to monitoring by the Agency. Expect in the case of force majeure in the event of the provisions of the present legislative decree not being adhered to, the benefits granted maybe partially or totally withdrawn in the same way that they were granted without prejudice to other legal provisions in force. Article 47 : Investment made or under way before the entry into force of the present legislative decree shall be accord the guarantees spelt out in part 5 above. Article 48 : Until the Agency referred to in Article 7 above is established, the prerogatives conferred on it under the present legislative decree shall be exercised by the Ministry of Economic Affairs. Article 49 : With the exception of the laws relating to hydrocarbons above, all previous provisions contrary to the present legislative decree are abrogated, including those relating to : 1) The modified and supplemented law No 82-13 of 28 August 1982, relating to the formation and functioning of semi-public companies. 2) Law No 88-25 of 12 July 1988 relating to the orientation of private local economic investments ; 3) The second paragraph of Article 183 and the second paragraph of Article 184 of Law No 90-10 of 14 April 1990, relating to money and credit. Article 50 : The present legislative decree shall be published in the Gazette of the Democratic People's Republic of Algeria
Algeria Country Profile
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