BADEA gives US$10m loan to Chad, US$8m to Sierra Leone

Dakar, Senegal (PANA) - The Arab Bank for Economic Development in Africa (BADEA) has given a US$10 million loan to Chad as part financing for a road project from Massakory to the Niger border.

According to the bank, the agreement for the loan was signed on the sideline of the recent 38th Annual Meeting of the Islamic Development Bank Group in Dushanbe, Republic of Tajikistan.

The loan, which is repayable in 30 years, has a grace period of 10 years and an annual interest rate of 1%.

The road project is part of the government's programme to develop the transport section, through the provision of good roads.

As at the end of March 2013, BADEA’s total loan to Chad totalled US$125 million.

In a related development, BADEA has given an US$8 million loan to Sierra Leone for the rehabilitation of the legendary Fourah Bay College.

The loan is also repayable in 30 years and includes a grace period of 10 years and an annual interest rate of 1%.

The bank said the project aims to develop and improve the level of university education in the country.

The College, which was established in 1827, will be rehabilitated while modern facilities would be added.
-0- PANA SEG 28May2013

28 may 2013 11:20:37




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