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