Senegal: BADEA extends US$ 29 million loans to four African countries

Dakar, Senegal (PANA) – Dakar, Senegal (PANA) - The Arab Bank for Economic Development in Africa (BADEA) has signed four new loan agreements totalling US$ 29 million for financing development projects in Tanzania, Togo, Gambia and Benin, the bank said in a statement made available to PANA here Monday.

The signature ceremony took place on the sidelines of the World Bank's Annual Meetings, held 10-12 October 2014 in Washington D.C.

According to the statement, a loan of US$ 12 million will finance Same Mwanga Water Supply Project in Tanzania, where the project aims to improve and develop domestic  and non domestic water supply services for the towns of Same and Mwanga in Kilimanjaro Region

Besides reducing the spread of diseases as a result of the use of polluted water, which will lead to the development of heath conditions in the area, the project will also encourage economic activities and eradicate poverty.

The loan, with a 1% interest rate, is to be reimbursed over a period of 30 years, including a grace period of 10 years.

BADEA has extended a US $10 million loan to Togo to help finance the construction of Sokodé-Bassar road project aimed to develop trade and economic activity in the Hills Region.

The region is rich in economic resources and the proposed road will link it to other parts of the country, thus easing transport and improve trade between Togo and Ghana.

The loan is to be reimbursed over a period of 30 years, including a grace period of 10 years, with an annual interest rate of 1%.

For Gambia, BADEA said it has extended a a loan of US $ 5 million to help finance the country's 'Support to Basic and Secondary Schools Education' project, aiming to meet the demand for the expansion of educational infrastructure in primary and secondary levels.

According to the Bank's statement, the project seeks to raise the percentage of enrolment in education up to 100% for the first level and 90% for the second level in addition to increasing the enrolment of girls in the primary level.

The loan is to be reimbursed over a period of 30 years and includes a grace period of 10 years, with an annual interest rate of 1%.

BADEA said that an additional loan amounting to US $ 2 million will help finance the Coastal Protection for the North- Eastern Coast of Cotonou project in Benin

The project aims to protect the socio-economic infrastructures namely homes, schools of diplomatic missions, shopping centres, hotels, entertainment areas and light industries that are located in the zone threatened by the coastal erosion east of Cotonou city.

The loan is to be reimbursed over a period of 30 years and includes a grace period of 10 years, with an annual interest rate of 1%.
-0- PANA CP/JSG/MSA/AR 20Oct2014


20 october 2014 16:47:33




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