Saudi Arabia lends Algeria $22 million

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.