The plan will focus on implementing energy-saving measures in the residential, transportation, and industrial sectors.
Algeria also plans to heavily invest in renewable energy, with a goal of producing 15,000 megawatts of solar energy in the short and medium term.
The country currently only has a 1% share of renewables in its energy mix. Additionally, Sonatrach, Algeria's national oil and gas company, plans to replace its conventional power plants with renewable energy plants with a capacity of 1,300 MW.
The country aims to deploy 1,000 chargers for electric vehicles throughout its 58 provinces by March 2023. The government expects the economy to grow by 4.1% in 2023, with inflation easing to 5.1%.
Oil and gas exports are expected to be $38.8 billion in 2023, and foreign exchange reserves are projected to reach $54.6 billion by the end of the year.
