African Development Bank lends Algeria $ 500 million

The African Development Bank (ADB) has agreed to lend Algeria $ 500 Million to enable the North African country carry out socio-economic development projects.

The loan will help Algeria fund projects in the fields of education, energy, banking, health and irrigation, ABD chief, Omar Kabbaj, who is visiting Algeria, told reporters Thursday.

The ADB chief added that the African bank is negotiating with Algeria another loan for the building of an oil pipeline.