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Saudi Arabia lends Algeria $22 million
Saudi Arabia-Algeria, Economics, 1/8/1999
The Saudi Development Bank extended the Algerian gas and electricity company a $22 million loan to carry out a new power station in the capital, Algerian energy officials said on Thursday.
The Algerian news agency APS quoted the company's officials as saying that the loan would be paid back in a 10-year-period with a 4% interest rate and a 5-year grace period.
The loan will help the Algerian company modernize the old power station to meet the increasing needs of the population.
Previous Stories:
Algerian energy minister in Saudi Arabia for oil talks
(11/24/1998)
Saudi Arabia condemns massacres against Algerian civilians
(1/21/1998)
Envoy holds talks with Algerian aide
(9/20/1997)
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