African Development Bank approves $ 215 mm loan to Algeria.

Mar. 5, 1997 The African Development Bank (ADB) has approved a $ 215 mm loan to Algeria. The loan is earmarked to help finance imports and it has just received the green light from the Algerian cabinet. It is repayable in 20 years, including a five year grace period. Algeria increased its stake in the bank last year by acquiring 1,000 additional shares. The move raised Algeria's stake in the bank to 4.2 %, up from the 3.5 % it held earlier, enabling the country to strengthen its position as the ADB's fifth largest shareholder.