USD 999M for Algerian industrial and energy development programme

The Board of Directors of the African Development Bank (AfDB) has approved a $998.8 million loan to Algeria to finance the country’s Industrial and Energy Competitiveness Support Programme (PACIE).

Within the programme, PACIE includes projects which are in line with the Bank’s ‘Light up and power Africa’ plan, reports ESI-Africa.

The funding will also support the achievement of the objectives of the Government’s 2016-2018 New Economic Growth Model, which includes transformation of the energy sector.

Source: ESI-Africa