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15 11 2017 02

Jean-Christophe Quémard, Executive Vice President, Africa-Middle East of Groupe PSA, has co-signed an agreement in Algiers with the Algerian project partners 1 to create an Oran-based manufacturing company to build cars for the Algerian market.

The agreement was signed as part of the France-Algeria joint economic committee (COMEFA), in the presence of Youcef Yousfi, Algerian Minister of Industry and Mining, and Bruno Le Maire, French Minister of the Economy, Finance and Industry.

Under the terms of the agreement, which was signed in the presence of the ministers and authorises the project’s gradual roll-out, Groupe PSA will hold 49% of the new joint venture’s share capital, representing a total investment of some €100 million ($117 million). As part of the project, Groupe PSA will support the development of Algeria’s automotive industry with a comprehensive upskilling and training programme for employees as well as help expand the local supplier base.

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