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FINANCIAL NEWS
China to build $40m opera house in Algeria
25 Apr 2010
(MENAFN) China?s embassy to Algiers announced that Beijing will pay $40 million to build an opera house for major trading partner Algeria, a gift likely to serve as a powerful symbol of Beijing’s growing economic influence in Africa, Reuters reported.
The 1,400-seat opera house will be built in the Ouled Fayet suburbs in the west of the Algerian capital, officials at the embassy said.
Algerian Minister of Culture Khalida Toumi said at a ceremony to announce the gift that it will be the first time the Algerian capital has had a theater dedicated to opera, adding that the huge cultural project is a friendly gesture by the Chinese,.
It is worth mentioning that from a figure of $272 million in 2001, bilateral trade between China and Algeria topped $4 billion in 2008.
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BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
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