Algeria launched on Tuesday its first sovereign sukuk issuance, targeting 296.65 billion Algerian dinars ($2.3 billion) to fund domestic projects covering infrastructure and other sectors. Proceeds from the issuance will be used to finance major public projects, particularly in infrastructure, equipment and public services, a Wednesday-dated report by the official Algeria Invest platform said. The sukuk is structured under the Ijara-usufruct model and is backed by a portfolio of state-owned real estate assets, including administrative buildings, public facilities and land designated for construction. These assets include administrative buildings, State public facilities, and land intended for construction. It said the 2026 budget package projects total expenditures of over $135 billion, up from $128 billion in 2025, and $112 billion in 2024.