Algerians and Czechs reach agreement over outstanding debt
The finance ministers of Algeria and the Czech Republic have reached agreement according to which Algeria will pay $60 million in outstanding debts over the coming three years. The debts result from loans extended by communist Czechoslovakia in the 1980s.
Speaking to CTK Business News, Libor Vacek, the Czech finance ministry spokesman, said explained that there had been debate over the actual amounts owed because a major portion of unpaid loans allegedly were extended for plants built by Czech interests factories, which were never put into operation due to circumstances on both sides.
The finance ministers also addressed the issue of future economic relations. Toward that end, a bilateral agreement on the protection and support of investments was scheduled to be signed. – (Albawaba-MEBG)