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Financement des grands projets en Algérie, Une réglementation des changes inadaptée - Algerie360
L’Algérie s’est dotée d’un ambitieux programme de développement dans diverses secteurs ; mais dans un contexte de crise, comment est-il possible de trouver les moyens financiers nécessaires ?
Cette question a été à l’ordre du jour d’une rencontre organisée, hier, à l’hôtel Aurassi par la Chambre de commerce et d’industrie Suisse-Algérie, en collaboration avec le Forum international de la finance.
Des spécialistes en économie ont à discuter de modèles de financement de projets, de la structuration des dossiers de financement, de contrats de pools bancaires, de garanties de financement, de la gestion du risque, du coût et de la rentabilité. L’Algérie estelle concernée par cette problématique ? A priori, oui ; le pays ayant vu ses revenus pétroliers chuter de moitié en 2009. Le pays est en chantier, toute une série de projets a été engagée dans différents domaines.
Entre autres projets financés dans la forme « project financing », le dessalement de l’eau de mer. Les treize unités de dessalement réalisées l’ont été en s’appuyant sur des banques locales ; il semblerait donc que le « project financing » commence à prendre de l’ampleur.
Le président du Forum des chefs d’entreprise, M. Réda Hamiani, a indiqué qu' »il était préférable que la politique menée en matière de développement et de modernisation des infrastructures ne soit pas entièrement portée par des fonds publics ».
Donnant plus d’explications, il précise qu' »un certain nombre de banques d’investissement mériteraient en termes de prise de risque d’être assurées par des chefs d’entreprise », et de ce fait, a-t-il poursuivi « l’Etat s’occuperait de grands projets ».
Pour lui, certains investissements devraient être financés par le marché afin de soulager l’Etat. « L’entreprise privée algérienne n’est pas sollicitée pour participer ». Ce même responsable déplore, ainsi, l’absence de transfert de technologie de la part des entreprise algérienne.
Par ailleurs, en termes de croissance économique, le président du FCE a indiqué que « la croissance économique portée depuis 2001 par la dépense publique et non pas par les grandes réalisations auxquelles nous assistons actuellement, devrait maintenant céder la place en partie à une nouvelle logique qui consiste à donner plus de moyens pour que la création de richesse soit également assurée par les entreprises », et d’ajouter que « les instruments qui pourraient nous aider à créer de la richesse ce sont les ajustements au niveau des entreprises qui manquent de biens et de services ».
Le FCE souhaite une réorientation de politiques économiques des autorités pour que les années à venir soient concernées par une croissance portée par l’entreprise. Pour M. Hamiani, le capital privé devrait s’impliquer davantage dans le pays.
Evoquant les banques commerciales, ces dernières s’organisent, selon Hamiani, pour prendre en charge une partie des investissements, « au début, elles se sont installées dans une période de connaissance plus approfondie du marché local, elles étaient en plus sous capitalisées ; donc en clair les banques n’avaient pas assez d’argent pour prêter sur des opérations qui demandaient du temps » a expliqué M. Hamiani en précisant que « maintenant ces banques ont rehaussé leurs fonds, elles sont prêtes à examiner tous les dossiers d’investissement ».
Pour le président du FCE, on assiste, depuis maintenant une année, à une part beaucoup plus importante liée à l’investissement ; les dossiers sont étudiés et la prise de décision est extrêmement rapide.
Quant à la production de guides nationaux pour l’investissement, M. Hamiani a précisé que « c’est une bonne initiative, mais cela ne dispense pas d’une politique de formation aussi urgente qu’importante, soit au niveau des universités, soit au niveau des instituts spécialisés, parce que le guide qui est un manuel de procédures ne forme pas les spécialistes, ces derniers doivent être formés dans les universités, dans les écoles de commerce et dans les instituts spécialisés pour qu’à la fin de la formation ils tirent profit de ces guides ».
LA BEAA FINANCÉ UNE DIZAINE DE PROJETS
Le P-DG de la BEA, M. Loukal, qui a présenté une communication lors de cette rencontre, a notamment donné l’exemple de la BEA qui s’est engagée à financer de grands projets en Algérie. En effet, depuis 2006, la BEA a financé une dizaine de mégaprojets, pour un montant de 539 milliards de dinars.
La BEA a financé cinq usines de dessalement d’eau de mer, trois centrales électriques et deux usines de production d’ammoniac et d’urée. Par contre, les crédits alloués par cette même banque aux investisseurs sont de l’ordre de 398 milliards de dinars.
Dans ce contexte, M. Loukal a souligné que « la situation de project financing est caractérisée par une offre de financements exclusivement locale » et d’ajouter que « la capitalisation des banques est un indicateur positif de l’amélioration de la sphère financière ».
Le P-DG de la BEA a appelé les banques locales à s’intégrer aux pools bancaire. Il a mentionné le désintérêt des banques privées locales ; leur participation est estimée autour de 1%, alors que pour lui les banques publiques ont toujours répondu présent. Parmi les recommandations faites par le P-DG, une adaptation de la réglementation des changes, mais surtout la couverture des risques de change.
Cette dernière orientation a été largement soutenue par M. Abderrahmane Benkhalfa, délégué général de l’Association des banques et établissements financiers (Abef) qui a expliqué que la valeur du dinar joue un rôle important. Les exportations algériennes se font en dollar, alors que les importations se font en euro, et c’est là que se pose le problème.
L’objet de ce séminaire est d’apporter une vue d’ensemble sur cette stratégie de financement de grands projets. Le séminaire était une occasion de procéder à un examen détaillé des différentes et complexes composantes qui président aux choix stratégiques des modes et méthodes d’approche dans le montage et la gestion des « projets de finance ».
Nassima Bensalem