Law No. 22-18, which took effect on July 24, 2022, establishes a unified registration platform for foreign investments and significant projects. It sets forth guidelines for investors, outlining their rights and incentives while promoting sustainability, technology transfer, innovation, job creation, and economic competitiveness. This law is applicable to both individuals and entities, whether they are nationals or foreigners, and it ensures the fundamental principles of investment freedom, transparency, and impartiality in the treatment of investments. It encompasses diverse investment approaches, including asset acquisition, shareholding, and relocating operations, all aimed at advancing priority sectors and fostering balanced regional development.
On 18 September 2022, the Algerian government introduced eight decrees pertaining to the implementation of the new Investment Law from July 2022. These decrees address various aspects of investment, including the role of the National Investment Council, criteria for major projects and foreign investments, requirements for foreign investors, designated localities for incentive regimes, structuring investments, appeal mechanisms, benefits repayment upon transfer, and project progress reporting obligations to the Agency. 
Executive Decree No. 22-300 provides that the foreign investor must bear at least 25% of the overall cost of the investment, in order to benefit from a guarantee (provided under Article 8 of the Investment Law) of transfer of invested capital and the income derived from it. As such, certain minority foreign investments (up to 25%) are not eligible to profit and capital repatriation guarantees.
"Article 1. —This law aims at setting up investment regulations, to define the investors rights and obligations, and the incentive regimes applicable to investments in economic activities for the production of goods and services, exercised by natural or legal persons, national or foreign, resident or non-resident.
[...]
Art. 3. — This law enshrines the following principles:
— The freedom to invest: any natural or legal person, national or foreign, resident or nonresident, wishing to invest, is free to decide on her/his investment, in compliance with the laws and regulations in force;
— Transparency and equality in the treatment of investments.
[...]
Art. 5. — Within the meaning of this law, it is understood by:
- Investor: Any natural or legal person, national or foreign, resident or non-resident, within the meaning of currency regulations, who makes an investment in accordance with the provisions of this law.
[...]
CHAPTER 2 - GUARANTEES AND OBLIGATIONS [...]
Art. 8. — Investments made from capital contributions in the form of cash imported through the banking channel and denominated in a freely convertible currency regularly listed by the Bank of Algeria and transferred to the latter, the amount of which is equal to or greater than the minimum threshold, determined according to the overall cost of the project, benefit from the guaranteed transfer of the invested capital and the resulting income.
Capital reinvestments of profits and dividends declared transferable, in accordance with the legislation and regulations in force, are admitted as external contributions.
The transfer guarantee as well as the minimum thresholds referred to in paragraph 1 above apply to contributions in kind made in the forms provided for by the legislation in force, provided that they are of external origin and that they are subject to an evaluation, in accordance with the rules and procedures governing the constitution of companies.
The transfer guarantee provided for in paragraph 1 above also covers the actual net proceeds from the sale and liquidation of investments of foreign origin, even if their amount is greater than the capital initially invested.
The terms of application of the provisions of this article are established by regulation. [...]" (Law No. 22-18 of 25 Dhou El Hidja 1443 corresponding to July 24, 2022 relating to investment, Articles 1, 3, 5, 19, 20, 22, 23 [unofficial translation])
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"CHAPTER 3 - MINIMUM FINANCING THRESHOLDS FOR THE TRANSFER GUARANTEE
Art. 8. — The minimum threshold, provided for by article 8 of law n° 22-18 of 25 Dhou El Hidja 1443 corresponding to July 24, 2022 mentioned above, for the benefit of the transfer guarantee, calculated on the basis of the share financing of foreign origin incumbent on investors in the total cost of the investment, is set at 25% of the amount of the investment. [...]" (Executive Decree No. 22-300 of 11 Safar 1444 corresponding to September 8, 2022 setting the lists of activities, goods and services not eligible for benefits as well as the minimum financing thresholds for benefiting from the transfer guarantee. [google translation])
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"CHAPTER 4 - GUARANTEES GRANTED TO INVESTMENTS [...]
Art 25. Investments made from capital contributions in the form of cash, imported through the banking channel and denominated in a freely convertible currency regularly listed by the Bank of Algeria and transferred to the latter, the amount of which is equal to or higher than minimum thresholds, determined according to the overall cost of the project according to terms and conditions set by regulation, benefit from the guarantee of transfer of the capital invested and the resulting income. Capital reinvestments of profits and dividends declared transferable in accordance with the legislation and regulations in force are accepted as external contributions. The transfer guarantee as well as the minimum thresholds referred to in paragraph 1 above, apply to contributions in kind made in the forms provided for by the legislation in force, provided that they are of external origin and that they are subject to an assessment, in accordance with the rules and procedures governing the incorporation of companies. The transfer guarantee provided for in paragraph 1 above also relates to the actual net proceeds of the sale and liquidation of investments of foreign origin, even if their amount is greater than the capital initially invested. [...]" (Law n° 16-09 of 29 Chaoual 1437 corresponding to August 3, 2016 relating to the promotion of investment)
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"CHAPTER 3 - TYPES OF INVESTMENTS [...]
Section 2 - Terms of application of the advantages [...]
Art. 16. - The minimum thresholds, provided for by article 25 of law n° 16-09 of Chaoual 29, 1437 corresponding to August 3, 2016, referred to above, for the benefit of the transfer guarantee, calculated by tranches on the basis of the share of financing incumbent on the foreign shareholder in the total cost of the investment, are fixed as follows:
a) 30% when the amount of the investment is less than or equal to 100,000,000 DA
b) 15% when the amount of investment is greater than 100,000,000 DA and less than or equal to 1,000,000,000 DA.
c) 10% when the amount of the investment is greater than 1,000,000,000 DA.
The share of financing of the total cost of the investment incumbent on the foreign shareholder is proportional to the quota held by the latter in the share capital of the company.
Failure to meet the minimum thresholds, set above, does not preclude the benefit of benefits. It deprives, however, the investment of the transfer guarantee, provided for by article 25 of law n° 16-09 of 29 Chaoual 1437 corresponding to August 3, 2016, referred to above. [...]" (Executive Decree No. 17-101 of 6 Joumada Flhania 1438 corresponding to March 5, 2017 setting the negative lists, the eligibility thresholds and the methods of applying the advantages to the different types of investment)
Law No. 22-18 of 25 Dhou El Hidja 1443 corresponding to July 24, 2022 relating to investment
Executive Decree No. 22-300 dated 11 Safar 1444 corresponding to September 8, 2022 determines the lists of activities, goods and services that cannot be benefited from, as well as the minimum limits of financing to benefit from the transfer guarantee;
Law n° 16-09 of 29 Chaoual 1437 corresponding to August 3, 2016 relating to the promotion of investment
Executive Decree No. 17-101 of 6 Joumada Flhania 1438 corresponding to March 5, 2017 fixing the negative lists, the eligibility thresholds and the methods of applying the advantages to the different types of investment
[<a href="https://www.joradp.dz/FTP/jo-francais/2022/F2022050.pdf">Law</a>],[<a href="https://www.joradp.dz/FTP/jo-francais/2022/F2022060.pdf">Decrees</a>],[<a href="https://amb-algerie.fr/wp-content/uploads/2016/02/CODE-DES-INVEST-DZ.pdf">Law</a>],[<a href="https://www.joradp.dz/FTP/jo-francais/2017/F2017016.pdf">Decree</a>],[<a href="https://insightplus.bakermckenzie.com/bm/attachment_dw.action?attkey=FRbANEucS95NMLRN47z%2BeeOgEFCt8EGQJsWJiCH2WAUuQVQjpl3o%2BaXUHex7yKau&nav=FRbANEucS95NMLRN47z%2BeeOgEFCt8EGQbuwypnpZjc4%3D&attdocparam=pB7HEsg%2FZ312Bk8OIuOIH1c%2BY4beLEAe52vV7ExjsUE%3D&fromContentView=1">Other</a>]