BADEA extends FOUR loans totaling US $ 26.1 million
1/18/2012 2:20:01 PM -
KHARTOUM, Sudan, January 18, 2012/African Press Organization (APO)/ -- The Arab Bank for Economic Development in Africa (BADEA), signs in Khartoum, Wednesday, 18 January 2012, four loan agreements worth US $ 26.1 million US dollar, for the benefit of the Republics of Burkina Faso, Benin, Côte d'Ivoire, and Chad details of these loans as follows:-
A loan of US $ 1.5 million from (BADEA), to Burkina Faso to finance a Line of Credit for Youth Support Fund.
The loan, which is to be reimbursed over a period of 20 years, includes a grace period of 5 years and has an annual interest rate of 1%.
The project aims at supporting the government efforts to reduce poverty and improve living conditions for the youth that are considered the poorest segment in the country by strengthening the facility for Youth Support Fund in order to provide the Youth additional financial resources to help them to implement small and micro projects that will lead to 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.
Republic of Benin:
BADEA also signed a loan agreement totaling US $ 10.40 million dollars with the Republic of Benin to help finance the construction of a bridge on 'Mono' River project. The loan is to be reimbursed over a period of 30 years and includes a grace period of 10 years, with an annual interest rate of 1%.
The project, which is part of the program 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, between Benin and Togo, resulting of saving time for users of the bridge and improving traffic movements. The project also aims to support trade and economic integration between Benin and Togo, and to improve and revitalize the transit traffic between Nigeria to the east going through Benin and to Togo and Ghana to the west.
Republic of Côte d'Ivoire:
BADEA also signed an additional loan agreement totaling US $ 6 million with Côte d'Ivoire to help finance the 'Jacqueville' Bridge Project. The loan is to be reimbursed over a period of 30 years and includes a grace period of 10 years, with an annual interest rate of 1%.
The project aims at the reduction of using ferries and boats between the two sides of the lake, and participates in saving the time and development of industrial and tourism activities in the coastal areas and improvement of traffic from Jacque Ville to centre, north, east and west of the country.
Republic of Chad:
Moreover, BADEA signed also a loan agreement totaling US $ 8.20 million dollars to the Republic of Chad to help finance Sustainable Development project for villages in 'Selamat' Region. The loan is to be reimbursed over a period of 30 years and includes a grace period of 10 years, with an annual interest rate of 1%.
The project falls within the state'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 to enable largest number of boys and girls to be enrolled in primary education, reduce child mortality, and improve maternal health and resistance to endemic diseases in the project area.
The four loans were granted on highly concessional terms, in accordance with BADEA's Six Five-Year-Plan (2010-2014).
On behalf of BADEA, the agreements were signed, by H.E. Mr. Abdelaziz KHELEF, Director General. The beneficiary countries were represented by the officials designated by their respective countries as follows:
Mr. Lene Segbo, Director General of Cooperation, Ministry of Economy and Finance for Burkina Faso.
H.E. Mr. Ferdinand MONTCHO, Ambassador of the Republic of Benin in Ethiopia.
H.E. Mr. TANOH BOUTCHOUE BERNARD, Ambassador of the Republic of Côte D'Ivoire in Egypt and Sudan.
H.E. Mr. MAHAMAT ABDERAHIM ACYL, Ambassador of the Republic of Chad in Sudan.