VOL. XXXI

NO. 14

11-JANUARY-1988

Financial and Banking News

AID FLOWS

AFESD Lends Iraq $28mn for Agricultural Development

The Arab Fund for Economic and Social Development (AFESD) has agreed to lendIraq KD8mn ($28.5mn) to help finance an afforestation program undertaken bysmall farmers, according to an agreement signed on 4 January. The loan is repayable over 18 years, including a five-year grace period, and carries anannual interest rate of 6%.