As Algeria embarks on a path of economic modernization, the North African nation is intensifying efforts to cultivate a vibrant ecosystem for innovative startups. This drive is poised to witness the proliferation of projects tackling social challenges with innovative technological solutions.

In a bid to fuel its fledgling startup ecosystem, Algeria has launched a dedicated crowdfunding platform, tapping into a global trend gaining traction.

The platform, launched on the sidelines of the first annual forum of the Algerian Securities Market Commission (COSOB), aims to bridge the gap between financial backers and aspiring entrepreneurs.

"This opens new doors for startups to access funding, broadening their options," said Yacine El-Mahdi Oualid (photo), Algeria's Minister of the Knowledge Economy, Startups, and Micro-enterprises.

The initiative dovetails with the government's broader thrust to expand financing avenues for innovative ventures. In October, a decree paved the way for crowdfunding activity in the country.

The platform is expected to empower companies with socially impactful projects to tap into a wider pool of investors through the digital platform.

Algeria is catching up with a rapidly surging global trend. Worldwide crowdfunding transactions ballooned from $1.5 billion in 2011 to $140 billion in 2022, with China leading the pack with a market size of $60-$100 billion. Africa, according to the World Bank, could see its crowdfunding market reach $2.5 billion by 2025.

Samira Njoya