The Arab Bank for Economic Development in Africa (BADEA) has granted a loan of US$7.5 million to Cameroon to construct and equip a Technical Secondary School at Ombe.
BADEA said the loan pact was signed last week between the bank and Cameroon, with BADEA Director-General Abdelaziz Khelef signing for the bank and BADEA and Cameroon’s Minister of Economy, Planning and Amendment of Land Emmanuael Nganou signing for his country.
The project is part of the government’s programme adopted in 2010 to rehabilitate and construct vocational training institutions in five districts, thus satisfying the requirements for technical staffers and creating jobs.
The loan is repayable in 30 years, including a grace period of 10 years, and at an annual interest rate of 1%.
PANA reports that the loan puts the bank’s total commitments to Cameroon at US$113.3 million.