Financial and Banking News
EIB Lends Somalia $18mn for Power Project
The European Investment Bank (EIB), the lending authority of the EC, hasagreed to lend Somalia ECU13mn ($18mn) to upgrade Mogadishu's power supply anddistribution system. The loan is repayable over 20 years and carries an annualinterest of 2%. Both Italy and the African Development Bank have agreed toco-finance the $98mn scheme.