Abu Dhabi to finance $100 million Algerian housing project
The Abu Dhabi Fund for Development (ADFD) recently granted a $100 million loan to fund a low-income housing project in Algeria. The 20-year loan will cover the construction of 6,000 housing units, reported Algeria's Press Service.
Algeria's population of 31 million suffers from a severe shortage of housing solutions. The North African country has one of the highest occupancy rates per housing unit in the world.
ADFD was established in 1971 with the aim of providing loans, grants and technical aid on easy terms to Arab, Muslim and other developing countries, in order to enable them to carry out their development and infrastructure projects, including agricultural, industrial, transport, rural development, housing, water, electricity, road, port, dam and tourism projects. — (menareport.com)
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