Cote d'Ivoire, BADEA sign US$12m loan pact

Abidjan, Côte d'Ivoire (PANA) - Cote d'Ivoire and the Arab Bank for Economic Development in Africa (BADEA) have signed a pact for a loan of US$12 million to the West African nation to finance a road project.

According to the Sudan-based bank, the agreement was signed in Cote d'Ivoire's commercial capital, Abidjan, on Monday.

BADEA's Director-General Abdelaziz Khelef signed for his organisation while Mr. Nialé Kabale, the Minister of Economic and Finance, signed on behalf of his country.

The “Bouna-Doropo-Border of Burkina Faso” road project aims to end the isolation of the landlocked “north-east” area of Cote d'Ivoire, which is considered a rich agricultural production area.

The project also aims to improve the road network in the land-locked nation of Burkina Faso and contribute to the economic integration and trade exchange between the two countries.

The loan will be repaid in 30 years including a grace period of 10 years and at an annual interest rate of 1%.

PANA reports that with the loan, BADEA's total commitment to Côte d'Ivoire will amount to US$98.4 million.
-0- PANA SEG 17April2013

17 april 2013 11:26:41




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