OPEC member Algeria adopted a new economic growth model, which is to boost national revenue and decrease dependence on energy exports over the next four year, as part of the North African nation’s efforts to diversify its economy dependent on hydrocarbons revenues, Reuters reported.

The economic model is due to cover public spending and investments by 2019. The model aims in particular at investing in high value-added areas, such as renewable energy, agribusiness, services, digital and knowledge related economy, hydrocarbons downstream industry, and mining.

 Algeria will also mobilize additional resources on the local financial market, including bond issues.

This new model was examined and adopted during the council of ministers meeting chaired by President Abdelaziz Bouteflika. The presidency statement read: “The new economic growth model is based on a revised budget policy backed by the improvement of revenues from ordinary taxation,” Arab Energy News informed.

Hydrocarbons account for about 95% of the North African nation’s total exports. Due to the drop in oil prices in the last two years, Algeria has been suffering major decrease in revenues.