In a strategic move to bolster its burgeoning startup ecosystem, Algeria has appointed a seasoned banking veteran to lead its Startup Fund. Anys Rahabi, formerly the head of Global Banking at HSBC, has been tapped to succeed Okba Hachani at the helm of the fund.

Rahabi brings a wealth of experience to the role, having spent his career at the heart of international finance. His tenure at HSBC and Citibank, where he excelled in relationship management and business development, positions him as a formidable leader for the fund. His deep understanding of corporate and investment banking, coupled with his knowledge of international trade and sustainable finance, is expected to be instrumental in driving the growth of Algerian startups.

Beyond his corporate experience, Rahabi’s commitment to banking education in Algeria underscores his dedication to developing the country’s financial talent pool. His role as a supervisor and instructor at the Higher School of Banking will undoubtedly contribute to nurturing future generations of Algerian bankers.

Established in 2020 with a capital of 1.2 billion Algerian dinars ($8.9 million), the Algeria Startup Fund is a joint venture between the Ministry of Knowledge Economy, Startups, and Micro-enterprises and six public banks. The fund offers various financing options tailored to different stages of startup development. Notably, the fund adopts a venture capital approach, eschewing traditional interest-based lending in favor of partnership models.

Rahabi’s appointment comes at a crucial juncture for Algeria’s startup ecosystem. With his expertise and the government’s support, the Startup Fund is poised to play a pivotal role in accelerating the country’s economic transformation.