Khartoum- Sudan (PANA) -- The Arab Bank for Economic Development in Africa (BADEA ) has given a US$6 million loan to the Democratic Republic of Congo (DRC) to hel p finance the rehabilitation of a primary school project in the country, a BADEA s tatement said Tuesday.
The statement, made available to PANA here, said the loan agreement was signed T uesday (9June) between the DRC and BADEA.
The agreement was signed by BADEA Director-General Abdelaziz KHELEF and the DRC' s Ambassador to Sudan, Mr.
The loan is repayable in 30 years, with a 10-year grace period and an annual int erest rate of 1%.
The project aims at lending support to the education sector, as well as to contr ibute to the social and economic development and poverty alleviation in the project area, the statement said.
With the latest loan, the total commitments of BADEA to projects in DRC amount t o US$47 million.