AFESD loans Algeria $99 million for dam construction
The Arab Fund for Economic and Social Development (AFESD) has a agreed to loan Algeria $99 million to finance a portion of a new dam construction project in eastern part of the country, reported the KUNA news agency.
This is the second phase of a $202 million financing agreement, signed between Algeria and AFESD last July, when the North African state received its first installment of $103 million. The loan for extending a dam in eastern Algeria to neighboring states will be repaid over a 22-year period. The government of Algeria will receive a five-year grace period and an annual interest rate of 4.5 percent.
AFESD has so far invested $1.1 billion into projects in Algeria. Established in 1974, AFESD is a multilateral Arab development corporation. Its membership consists of all states that are members of the Arab League. The Fund’s function is to assist the economic and social development of Arab countries through financing development projects, with preference given to overall Arab development and to joint Arab projects. — (menareport.com)
© 2002 Mena Report (www.menareport.com)