Dakar, Senegal (PANA) - The Arab Bank for Economic Development in Africa (BADEA) and Niger Monday signed an agreement under which the Bank will give US$10 million to the African nation to help finance the construction of Irlet-Asmaka-Algeria Border Road Project.
The loan is repayable in 30 years, with a moratorium of 10 years and an annual interest rate of 1%, the Bank said in a statement obtained by PANA here.
The agreement was signed in the Nigerien capital, Niamey, on behalf of BADEA by its Director-General, Mr. Abdelaziz Khelef, and on behalf of Niger by Amadou Boubacar Cisse, the State Minister of Planning and Community Development.
The project is part of the desert road that links North Africa to West Africa. It aims to break the isolation of the landlocked countries of Niger, Chad and Mali.
The project will also improve and secure traffic, link production centres and contribute to the economic development of Niger, in addition to contributing to the support of trade exchanges between the countries of the Maghreb and sub-Saharan Africa, especially Mali, Niger, Chad and Nigeria.
As at Oct. 2011, BADEA's total assistance to Niger totaled US$94.4 million.
-0- PANA SEG 19Dec2011