Financial and Banking News


AFESD Lends $5mn to Somalia

The Arab Fund for Economic and Social Development (AFESD) has agreed to lend KDl.5mn ($5mn) to Somalia to help develop the country's fisheries, according to an agreement signed on 15 January. The loan is at a 4% annual interest rate and is to be repaid over 19 years, including a four-year grace period.