African Development Bank board approves 900 mln euro loan for Algeria

ABIDJAN (Capital Markets in Africa) – The African Development Bank’s board approved a 900 million euro ($1 billion) loan for Algeria on Wednesday aimed at supporting reforms to help the North African nation confront falling oil revenues, it said in a statement.

The money will support the government’s efforts to improve domestic revenue mobilisation and the investment climate as well as boosting the efficiency of the energy sector and promoting renewable energy.