Algerian president approves $100 million loan to Tunisia

Algerian President Abdelaziz Bouteflika on Tuesday signed a resolution to grant Tunisia a loan of $100 million, a decision that was agreed upon by the governments of the two countries on 10 March.

A statement issued by the Algerian presidency confirmed that: “President Abdelaziz Bouteflika signed a financial protocol between the two governments of the People’s Democratic Republic of Algeria and the Tunisian Republic, with regard to the agreement which took place in Algeria on 10 March, 2015.”

The loan was agreed upon by the Tunisian government with its Algerian counterpart in March, and was adopted to support Tunisia’s financial resources for the 2015 budget, with an interest rate of 1 per cent and a 15-year duration of repayment, including a time limit of 5 years.

The Algerian president’s signature was the decision’s last hurdle before it enters into force.

The Tunisian Chamber of Deputies ratified the agreement on 5 May. It was then signed by the Tunisian President Beji Caid Essebsi, on the 28 of the same month; according to a decree published by Al Ra’ed, the magazine in charge of publishing official decrees in Tunisia.