Financial and Banking News
AID FLOWS
AFESD Lends $6mn to Djibouti
The Arab Fund for Economic and Social Development (AFESD) has agreed to lend KD1.9mn ($6.27mn) to Djibouti to help finance a marine communication cable linking south-east Asia with Western Europe via the Middle East, according to an agreement signed on 22 May. The loan is repayable over 14 years, including a grace period of two years, and carries an annual interest rate of 4%.
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