By Hamid Ould Ahmed
ALGIERS (Reuters) - The Algerian cabinet has approved a five-year investment plan worth $286 billion on Monday as part of efforts to diversify its economy away from oil dependency, an official statement said.
The 2010-2014 plan is intended to completed economic projects already underway and launch new ones in the OPEC member north African country, said the statement issued after a cabinet meeting chaired by President Abdelaziz Bouteflika.
About $130 billion of the amount will go towards completing railway, road and water "big projects" while the remaining $156 billion will finance new development schemes, it said.
The new projects planned for the 2010-2014 period include mainly two million housing units, infrastructure for public works, transport, health, education and sports, and financial incentives for agriculture, the statement said.
Algeria launched a similar five-year plan for 2005-2009 to build infrastructures including a 1200-km long motorway, water desalination plants and thousands of state-subsidised housing units. Link
