September 12, 2019 / 8:38 AM / a year ago

CORRECTED-Algeria looks into allowing foreign ownership in some sectors

(Corrects to show the decision was made only in a draft budget and has not yet been passed into law)

ALGIERS, Sept 12 (Reuters) - Algeria is looking into allowing majority foreign ownership in non-strategic sectors of its economy, the government said in a statement on state media late on Wednesday, without giving details.

The proposal was included in the first draft of the state budget agreed by the government, the statement said, but it has not yet been passed into law.

Algeria has prevented foreign investors from holding stakes of more than 49% and large parts of the economy remained under state control.

Reporting by Lamine Chikhi, Writing by Angus McDowall; Editing by Jason Neely

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