Khartoum- Sudan (PANA) -- The Khartoum-based Arab Bank for Economic Development in Africa (BADEA) has granted Benin a loan of 5.
84 million US dollars for debt alleviation and the building of a university campus, the bank's Director General, Medhat Lotfy, said Saturday.
Benin Minister of State for Planning and Development Bruno Amoussou, signed the loan agreement for his country while Lofty signed for BADEA.
The loan is repayable in 30 years on an annual interest rate of one percent, with a six-year grace period.
BADEA was created in 1973 to promote Africa-Arab co-operation.
Its Board of directors met in Khartoum Thursday and approved 80.
92 million dollars for the financing of new projects in a number of African countries.
4 million of the amount is for project loans, while 2.
5 million is for technical assistance.
Other African countries to benefit from the BADEA loans this year include Ethiopia, Gambia, Zambia, Cote d'Ivoire, Lesotho, Mozambique, Sierra Leone, Ghana, Mozambique, Lesotho and Niger.