Saudi fund lends Tunis $150m

The Saudi development fund agreed Tuesday to lend Tunisia USD 150 million (some 230 million Tunisian Dinars) to co-finance construction of 20,000 housing units for low-income people. Tunisian minister of development and international cooperation Al-Amin Dughri commended, in a statement, the Saudi development fund's contribution to development in the north African country. Speaking after the signing of the loan agreement, Dughri noted that the Saudi fund provided up to USD 371 million to finance development projects since the Tunisian revolution. The Saudi fund vice-president Yusuf bin Ibrahim said the loan aimed at providing appropriate houses for the Tunisian citizen. He said the fund would continue its support for Tunisia through contribution to sectors of housing, health and electricity. The Saudi loan will be paid back over 20 years with a two-percent interest rate.