The Arab Bank for Economic Development in Africa (BADEA) has given loans worth US$8 million and US$10 million to Benin and Ethiopia respectively, PANA reported Monday.
The loan to Benin will help finance the construction and equipping of the Graduate School for Technical Education in “Lokossa”.
The project aims to improve the technical education capacity, reduce the shortage of technical teachers and help to meet the skilled man power need in the production sector of the country, thus contributing to its socio-economic development.
The loan is repayable in 30 years, including a grace period of 10 years and at an annual interest rate of 1%.
This loan has taken BADEA’s total commitments to Benin to US$157.705 million.
For its part, Ethiopia will use its loan to help finance the Construction of the “Arba Rakate-Gelemso-Micheta” Road Project.
The project is aimed at developing the national roads network, especially to service agricultural areas and improve trade activities.
The loan is also repayable in 30 years, with a grace period of 10 years and an annual interest rate of 1%.
The latest loan has raised BADEA’s total commitments to Ethiopia to US$165.23 million.