Algerian, Australian investors to build 100,000 houses

Algerian and Australian businessmen reached a memorandum of understanding to launch a venture to build 100,000 Housing units projected to cost $1 billion, the two sides said in a statement released on Wednesday. The two sides take part in a project to build 100,000 residential units for the low-income class. The cost of the project would be covered with $400 million in aid from the Algerian government and Australian companies and $1 million in loan.