Arab fund for economic development grants Algeria 35 million loan

The Arab Fund for Economic and Social Development signed a loan agreement worth 25 million Kuwaiti Dinars with Algeria as a contribution to financing a housing project.

Kuwaiti news agency quoted a fund's press release as saying the loan would serve to finance a low-income housing project, located in central Algeria.

The source said the loan, carrying a 4.5% interest rate, will be paid back in 22 years with a five year grace period.

The release said the total amount given by the fund to finance development projects in Algeria has reached almost 277.3 million Kuwaiti Dinars.