Saudi Development Fund awards $13 million loan to Algeria
The Saudi Development Fund has agreed to loan Algeria 50 million riyals ($13.3 million) to finance an irrigations and land reclamation project in the Moheet Mina region, reported Al-Hayat. The project is expected to improve the standard of living in the area and will create 33,000 new jobs.
Algeria’s Treasury Minister, Morad Madlasy and his Saudi counterpart, Ibrahim Al-Assaf recently signed a protocol to set up a joint investment company between the two nations. The new enterprise will be commissioned with establishing and financing investment projects in both countries in the areas of industry, agriculture, real estate and tourism. The company’s issued capital is estimated at $100 million. — (menareport.com)
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