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ADB approves $1 billion loan for Algeria, $600 million for Nigeria

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Staff Writer | November 7, 2016
The African Development Bank's (ADB) board approved a $1 billion loan for Algeria.
Africa   Overcoming economic challenges
The loand is 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.

The ADB board approved a $600 million loan for Nigeria aimed at helping Africa's largest economy plug its budget deficit as it grapples with its first recession in more than 20 years, a senior bank official said.

The loan is the first tranche of a total $1 billion budget support package. The second disbursement of $400 million is dependent upon the implementation of reforms, the bank's Nigeria country director Ousmane Dore said.

Dore said one of the main triggers for the release of the remaining tranche will be when the government spells out its plan for overcoming its current economic challenges.