Senegal: BADEA loans Seychelles US$ 11m for power project

Dakar, Senegal (PANA) - The Arab Bank for Economic Development in Africa (BADEA) and Seychelles signed Tuesday a loan agreement worth US$ 11 million for financing the improvement of electricity network in south Mahe Island.

The deal, initialled in Victoria by BADEA's Board of Directors Chair,  Eng. Yousif Bin Ibrahim Al Bassam and Seychellois Minister for Finance, Trade and The Blue Economy, Mr. Jean-Paul Adam, aims to improve the power distribution network in order to meet increasing demand for residential and touristic activities, as well as trade and services in south Mahe.

According to a statement released at the signing ceremony, the project will also help boost  tourism activities on which Seychelles depends, besides improving medical and educational care by providing reliable power to hospitals and schools.  

The loan will be repaid in 22 years including a grace period of five years and at an annual interest rate of 2.5%.

The project will be co-financed by the Saudi Fund for Development to the tune of US$20 million while the Government of Seychelles will contribute US$5 million.
-0- PANA PR/AR 10Nov2015

10 november 2015 14:49:11

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