São Paulo – Algeria’s Council of Ministers approved a EUR 900 million loan agreement this Wednesday (28) from the African Development Bank (ADB), Algérie Presse Service (APS) has reported.
APS said Algeria’s partnership with the development bank also provides for actions geared towards industrialization, economic diversification and agricultural transformation through the strengthening of value chains. Technical cooperation is also in the plans.
APS said the 20-year loan will be at “moderate” interest rates, with a five-year grace period.
According to APS, the ADB was established in 1964 to fuel economic development in African countries and comprises 80 member countries, 54 of them African and 26 non-African, including Brazil and Argentina.
*Translated by Gabriel Pomerancblum
