The Arab Bank for Economic Development in Africa (BADEA) have signed loan agreements with Togo, Gambia and Mozambique.
According to a statement from the bank, the agreements were signed on the sidelines of the Islamic Development Bank Group in Khartoum, Sudan, on Sunday.
The agreement with Togo is worth US$10 million for part financing of the Kpalimé-Atakpamé” and the “Adagali-Atakpamé” road projects.
The loan, which is repayable over 30 years, includes a grace period of 10 years and has an annual interest rate of 1%.
The project is among the priorities of the transport sector in Togo, and it aims to contribute to the economic and social development of the West African nation.
BADEA Director-General Abdelaziz Khelef and Mr. Adji Otéth Ayassor, Togo’s Minister of Economy and Finance, signed the pact.
BADEA’s total assistance to Togo totals US$55.305 million.
Meanwhile, the agreement with The Gambia is worth US$9 million, and it is for the part financing of the Koto Power Generation Plant Expansion Project.
The loan, which is repayable in 30 years, includes a grace period of 10 years and has an annual interest rate of 1%.
The project is intended to boost the electricity generation capacity in the Greater Banjul area, thus helping to reduce power shortages, increase the reliability and the efficiency of the existing supply system, and expand access to energy.
Khelef signed for BADEA while Mr. Mambury Njie, Minister of Finance and Economic Affairs, signed for The Gambia.
BADEA’s total assistance to The Gambia is worth US$106.066 million.
Concerning Mozambique, the pact between BADEA and the southern African country, which was signed on Monday, is worth US$9 million, and it is to finance the Construction and Equipping of Nampula General Hospital Project.
The terms of repayment includes a 30-year-period, with a 10-year moratorium, while the loan has an annual interest rate of 1%.
The project aims at supporting Government’s objective of improving health services and expanding their coverage.
Khelef signed for BADEA while Mr. Manuel CHANG, the Minister of Finance, signed for Mozambique.
As at March 2012, BADEA’s total assistance to Mozambique had reached reached US$229.815 million.