The Arab Bank for Economic Development in Africa (BADEA) and
Senegal have signed a loan agreement worth US$12 million for financing the Joal-Samba Dia-Djiffere road project in the West African nation.
BADEA Director-General Abdelaziz Khelef signed for the bank while the Minister of Economy and Finance Amadou Kane signed for Senegal, according to statement from the bank, obtained by PANA Sunday.
The loan, which is payable over 30 years, with a grace period of 10 years, has an annual interest rate of 1%.
The project aims to end the isolation of the project area, reduce the cost of transportation and contribute to the development of agricultural activity and fishing in the project area.
It will also facilitate trade exchanges and access to social and economic installations, in addition to contributing to the reduction of poverty in the project area.
With the latest loan, BADEA’s total assistance to Senegal is now worth US$285 million covering 39 projects and 25 technical assistance operations.
BADEA was created in 1974 to strengthen economic, financial and technical cooperation between the Arab and the African region.