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Thursday 17 June 2021
HomeNewsFour countries to benefit from US$26.1 million BADEA loans

Four countries to benefit from US$26.1 million BADEA loans

The Arab Bank for Economic Development in Africa (BADEA) on Wednesday signed separate agreements with four countries for US$26.1 million to help finance various development projects.

Burkina Faso, Benin, Côte d’Ivoire and Chad will benefit from the loans under the agreements signed in Khartoum by Mr. Abdelaziz Khelef, Director General of BADEA, and various officials of beneficary countries.

Under the agreements, Burkina faso will receive US$1.5 million; Benin US$10.40 million; Cote d’Ivoire US$6.0 million; and Chad US$8.2 million.

BADEA said the four loans were granted on highly concessional terms in accordance with its sixth Five-Year-Plan (2010-2014).

Benin, Cote d’Ivoire and Chad will repay in 30 years, including a grace period of 10 years, at an annual interest rate of 1% while Burkina faso will repay in 20 years, including a grace period of 5 years, at an annual interest rate of 1%.

Burkina Faso’s US$1.5 million will help to finance a line of credit for its Youth Support Fund.

The agreement said the project was aimed at supporting government’s efforts to reduce poverty and improve living conditions for the youth that are considered the poorest segment in the country.

It will strengthen the Youth Support Fund in order to provide the youth additional financial resources to help them to implement small and micro projects that will create new employment opportunities to break the cycle of unemployment and poverty.

“This will contribute to stability of human development and economic development for young people in Burkina Faso,” the agreement said.

Benin’s US$10.40 million will help finance the construction of a bridge for the Mono River project.

The project, which is part of the programme for Economic and Monetary Union of West Africa (UEMOA), aims to reduce the use of ferries and boats to move between both sides of the river in Benin and Togo.

This will save time for users of the bridge and improve traffic movements. The project also aims to support trade and economic integration between Benin and Togo, and to improve and revitalise the transit traffic between Nigeria to the east through Benin and Togo and Ghana to the west.

In Côte d’Ivoire, the US$6 million will help finance the Jacqueville Bridge Project, which aims at reducing the use of ferries and boats between the two sides of the Jacqueville lake.

It will save time and contribute to the development of industrial and tourism activities in the coastal areas and improvement of traffic from Jacqueville.

Chad’s US$8.20 million is to help finance sustainable development project for villages in the Selamat Region.

The agreement said the project fell within the country’s strategy to reduce poverty and support food security and enable the poor to benefit from social services.

“The project will contribute to poverty reduction, reduce hunger and improve the lives of the general population in the project area through improved agricultural production and development of livestock production resulting in raising the income of residents of the target villages.”

The project also aims at increasing enrollment in primary schools, reducing child mortality, and improving maternal health and resistance to endemic diseases in the project area

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