Algerian President Abdelmadjid Tebboune announced that the Algerian Agency of International Cooperation for Solidarity and Development will invest a billion dollars in funding to support development projects across the continent.

His decision was made public in a speech read by Prime Minister Aimene Benabderrahmane at the annual African Union summit in Addis Abeba, according to the APS news agency.

The Algerian investment is expected to especially fund "integration projects or those able to contribute to accelerating development in Africa" 

Tebboune claimed that Algeria's belief that "security and stability in Africa are related to growth" served as the foundation for the agency's strategy.

According to APS, the government organization, founded in 2020,  collaborates with African countries wishing to benefit from the project.

Read more: Algeria seeks to strip 'Israel' of observer status at African Union

It is noteworthy, that after "Israel" was granted observer status back in July 2021, Algeria and South Africa successfully managed to revoke "Israel's" observer status before the AU session in Adis Ababa. 

It's notable that most of the sessions at the two-day 36th annual AU summit are being held behind closed doors. An Israeli delegation that snuck into the summit on Saturday under the pretext of being an "accredited observer with an entry tag" was expelled.