Algeria: Approval of a concessional loan of 900 million euros granted by AfDB

Jan 02, 2017

It will favor the conditions for an inclusive economic growth

A loan agreement of 900 million euros granted to Algeria on favorable terms by the African Development Bank (AfDB) was adopted Wednesday by the Council of Ministers.

The statement made after the council specifys that this loan has a moderate concessional interest rate and is repayable over 20 years, including five years of deferral.

Thanks to this loan, the conditions for an inclusive economic growth should be fullfilled, in particular reforms aimed at improving the investment climate, improving the efficiency of the energy sector and promoting renewable energies, said the same source, quoted by Algeria Press Service.

This loan is the result of several months of discussions between the Regional development bank and Algeria, one of its main shareholders. The loan is part of a partnership whose objectives cover three areas: energy, with a particular emphasis on renewable energies; industrialization and diversification of the economy; finally, the transformation of agriculture with the improvement of value chains.ADNFCR-2976-ID-801830571-ADNFCR