Angola, BADEA enter financial agreement

Luanda- Angola (PANA) -- Angola and the Arab Bank for Economic Development in Africa (BADEA) have signed a financial agreement for the construction of a technical school in Lobito, in the coastal province of Benguela Province.
Under the agreement, which was signed recently at the Cairo headquarters of the bank, BADEA will loan Angola 3,4 million US dollars repayable in 28 years at an annual interest rate of one percent, with a six-year grace period.
The loan brings to 37,999 million dollars total BADEA disbursements to Angola to date.
Angolan Ambassador to Egypt, Herminio Escorcio signed for his country, while BADEA board chairman Ahmed Abdallah Al-Akeil and Director General Medhat Lofty signed for the bank.

28 may 2002 22:05:00




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