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%.