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Monday 21 June 2021
HomeNewsBADEA gives US$34.50m loan to four African countries

BADEA gives US$34.50m loan to four African countries

The Arab Bank for Economic Development in Africa (BADEA) has signed loan agreements totalling US$34.50 million with four African countries – Chad, Cote d’Ivoire, Liberia and Senegal.

The pacts were signed in Kuwait, on the sidelines of the 19-21 Nov. 2013 Afro-Arab Summit, the bank said, adding that the loans were aimed at contributing to the financing of development projects in the African countries.

The loan to Chad, amount to US$10 million, is part financing for the rice growth development in “Chari-Logone” Plain Project (Phase II).

Cote d’Ivoire’s loan, worth US$2.50 million, is to finance the rehabilitation of the vocational training centre in the city of Man.

Liberia’s loan, worth US$12 million, is for the financing of the Bushrod Power Generation Plant Expansion project, while the US$10 million loan to Senegal is to finance sanitation for “Soleil Zone in the capital city of Dakar.

PANA reports that each of the loans is repayable in 30 years, including a grace period of 10 years, and has an annual interest rate of 1%. 

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