Bujumbura- Burundi (PANA) -- Burundi and the Arab Bank for Economic Development i n Africa (BADEA) Thursday signed a US$8 million loan agreement for the financing of the Phase 2 of the Nta ba-Ndora road project in the African nation.
The agreement was signed on behalf of BADEA by its Director General, Mr.
Abdelaz iz Khelef, who is currently visiting Burundi, and by Mrs Clotilde Nizigama, Minister of Finance for Burundi.
According to a BADEA statement obtained by PANA, the loan will be repaid in 30 y ears, including a grace period of 10 years and at an annual interest rate of 1%.
The road project is part of the Burundi government's programme on the developmen t of the transport sector, to enhance the national road network.
It aims to boost the socio-economic development of the western region to open up Bubanza and Cibitoke and the regions of Ntamba and Ndora, to facilitate the transportation of goods and people, cut down transport costs a nd contribute to poverty alleviation.
Khelef arrived in Bujumbura Wednesday at the head of a delegation from the bank, at the start of sub-regional tour.
The two-week tour will also take the BADEA team to Rwanda, Congo Brazzaville and the Democratic Republic of Congo (DRC).
Khelef is taking part in an international conference on the Great Lakes Region, holding in Bujumbura 5-6 November.
BADEA's total financing package to Burundi has topped US$52.
92 million covering 12 projects.