KUNA reported that steel giant ArcelorMittal Group received USD 200 million loan from The External Bank of Algeria to develop Al Hadjar Steel Complex, in which it owns 70%, in Annaba province east of Algiers.
The step would put an end to a dispute between the Indian company and the Algerian government that risked shutting down the complex.
Algerian Prime Minister Mr Ahmad Ouyahia affirmed that his government would intervene to prevent a possible closure of the mega project.
ArcelorMittal Group previously threatened to declare bankruptcy if it failed to obtain government funding.
Sourced from KUNA