Senegal: BADEA signs US$13m loan agreement with Ethiopia

Dakar, Sénégal (PANA) - The Arab Bank for Economic Development in Africa (BADEA) has signed a loan agreement with Ethiopia amounting to US$13 million to finance the “Shambu-Bako Road Project”.

BADEA said in a statement obtained by PANA here that the pact, signed in the Ethiopian capital, Addis Ababa, Monday, is aimed at enhancing the historic cooperation between BADEA and Ethiopia.

BADEA’s Director General Abdelaziz Khelef signed for his organization while the State Minister for Finance and Economic Development Ahmed Shide signed for Ethiopia.

The project will upgrade the existing gravel road, running from Shambu village to Bako, both in Oromia Region, to bitumen standard.

When completed, it is expected to contribute to the integration of the “Oromia” region into the national roads network and provide more efficient linkages with the other parts of the country.

The loan repayment period is 30 years, including a grace period of 10 years and an annual interest rate of 1%.

The project is being co-financed by BADEA, OPEC Fund for International Development (OFID) and the Government of Ethiopia.

The latest loan brings to US$178.322 million BADEA’s total loans to Ethiopia.
-0- PANA SEG 6May2015

07 Maio 2015 10:38:43

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