Algeria Settles Cold War Era Debt with Bulgaria

The headquarters of the Bulgarian National Bank. Photo by Manager magazine

Bulgaria and Algeria have fully settled their debt issue after the latter has paid a total of USD 14.3 M to the former, the Bulgarian Finance Ministry announced Friday.

The government of Algeria made the transaction to the Bulgarian National Bank on August 2, the ministry said.

The transaction was executed in accordance with an agreement signed in July 2012 for settling the debt issue dating back to 1986.

Back in 1986, Bulgaria loaned Algeria USD 9.5 M, which has now been repaid as USD 14.3 M, after adding interest, and residual sums from previous loan agreements.

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