BADEA signs loan agreements for projects in 4 African countries

Cairo, Egypt (PANA) - The Arab Bank for Economic Development in Africa (BADEA) has signed  loan agreements, worth US$ 34 million, for the benefit of four African countries -- Burundi, Ethiopia, Zambia and Malawi.

The agreements were signed on the sideline of the African Development Bank Board of Governors’ 2011 annual meetings that took place in Lisbon, Portugal, 9-10 June.

Under the agreement, Burundi received a loan of US$ 10 million to finance the first phase of the regional road linking Burundi and Rwanda.

The loan will be repaid over a period of 30 years, with a grace period of 10 years and has an annual interest rate of 1%.

Ethiopia received a loan of US$ 10 million to upgrade the “Gedo–Fincha-Lemlem Bereha" Road Project: Phase 1.

The loan to Zambia, also US$ 10 million, is to finance the second phase of the water supply programme to six towns.

Malawi got US$ 4 million to finance the Zomba-Jali-Chitacali Road Project.

The four loans were granted on highly-concessional terms, in accordance with BADEA's Six Five-Year-Plan (2010-2014).                      
-0- PANA PR/VAO 14June2011

14 june 2011 12:49:11

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