31 December 2016, Sweetcrude, Algiers — The Council of Ministers has adopted Wednesday a loan agreement between Algeria and the African Development Bank, AfDB, according to which Algeria will receive a loan worth €900 million with advantageous conditions from this financial institution.
The loan is accompanied by a moderate concessional interest rate repayable over 20 years including 5 years deferred, said the communiqué released after the meeting of the Council of Ministers.
This loan is meant to finance the country’s inclusive economic growth through reforms designed to improve the business environment and, the efficiency of the energy sector, and promote renewable energies, added the source.
During his visit to Algeria in last April, President of the AfDB, Akinwumi Ayodeji Adesina committed to define a resource mobilisation strategy to ensure the funding of growth in Algeria.
In this regard, the AfDB expressed its readiness availability to accompany Algeria in its economic development under a reinforced partnership through diversified funding support and a contribution in expertise.