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US $40 million Arab loan for Djibouti
Djibouti, Economics, 7/8/1999
Djibouti radio said on Wednesday that certain Arab financial institutions, including the Arab Fund for Social and Economic Development and the funds of Saudi Arabia, Kuwait and Abu Dhabi provided a loan of US $40 million to finance a project to expand Djibouti port.
The first loan agreement of US $13 million was signed on Tuesday between the Arab fund and the government of Djibouti, while the project's total costs are estimated at US $54 million, of which the Arab funds finance 75%.
The port of Djibouti on the Red Sea had doubled its activities between the years 1997 - 1998, due to the transit to Ethiopia which is no longer using the port of Asab in Eritrea since the eruption of the border war between the two countries.
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