EBRD lends Algeria EUR 500 mm for energy project

Mar 14, 2009 01:00 AM

The European Bank for Reconstruction and Development (EBRD) has invested EUR 500 mm in an Algerian energy project, it was announced.
The loan is to fund a natural gas project which links Algerian natural gas lines with Europe, according to a statement issued by the Ministry of Industry and Promotion of Investments.

The gas pipelines connect Beni Saf area, western Algiers, with Spain through the Mediterranean Sea.
The ministry added that the project would enable Europe to benefit from the natural gas which fell within EBRD's plan in directing investment towards North Africa, especially the west Arabian side.

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