Saudi Arabia: BADEA loans Côte d'Ivoire, Niger US$20 million each

Jeddah, Saudi Arabia (PANA) - The Arab Bank for Economic Development in Africa (BADEA) has signed two loan agreements with the Republics of Côte d’Ivoire and Niger totalling US$20 million, according to a statement issued by BADEA on Friday.  

The agreements were signed on the sidelines of the Islamic Development Bank 42nd Annual Meetings that took place in Jeddah, Saudi Arabia, from 17-18 May 2017, the statement said. They will each receive US$20 million granted on high concessional terms and in accordance with BADEA's Seven Five-Year-Plan (2015-2019).

The statement said Côte d’Ivoire's money will help finance the rehabilitation of "Cocody Bay", project in the commercial city of Abidjan.

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

The statement said the project aims to combat the pollution and protection of the Cocody Bay, thereby improving the overall environment of the city.

It will also establish the infrastructure of the Bay for the investments of social, tourism and trade, which will contribute to reducing the spread of pollution for the related diseases, improving the health level of the population, encouraging economic activities, raising the level of income of citizens and alleviating poverty.

BADEA's US$20 million to the Republic of Niger will contribute to the financing of Potable Water Supply for Semi-Urban Centers project. This loan is also to be repaid in 30 years, including a 10-year grace period, and an interest rate of 1% per annum.

The project aims at providing potable water in the horizon 2030 to nine semi-urban centres and contributing to the reduction of spreading of associated diseases connecting to the contaminated water, which will improve the health conditions of the population and alleviating their suffering, especially women in fetching water.

The project also will contribute in promotion of economic activities, which will help to raise the level of income and stability of the citizens.

The agreements were signed on behalf of the Arab Bank for Economic Development in Africa, Yousef Bin Ibrahim El-Bassam, Chairman of the Board of Directors while Nialé Kaba, Minister of Planning and Development for the Republic of Côte d’Ivoire and Kane Aïchatou Boulama, Minister of Planning for the Republic of Niger signed for their respective countries.
-0- PANA MA 19May2017

19 mai 2017 11:07:42

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