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The Republic of Cameroon and BADEA sign a us $ 10 million Loan agreement |
In a ceremony held on Thursday 08th January 2004, a loan agreement was signed
between the Republic of Cameroon and the Arab Bank for Economic Development in
Africa (BADEA). By virtue of this agreement BADEA extends to the Republic of
Cameroon a loan of US $ 10 million to help finance Yaounde-Olama-Kribi Road
Project (Phase I - Yaounde - Olama).
The signing ceremony was attended by H.E. Mr. Moutchili Nji Mfouayo Ismaïla ,
Ambassador of Cameroon to Cairo, H.E. Mr. Ahmed Abdallah El-Akeil, Chairman of
BADEA's Board of Directors, and H.E. Mr. Medhat S. Lotfy, the Director General
of BADEA .
The loan will be repaid in 25 years including a grace period of 6 years and at
an annual interest rate of 2%.
The project aims at the expansion and integration of the network of asphalt
roads in the country to connect production centres in south and south eastern
parts with the port of "Kribi", the development of transit traffic between
Cameroon and the two Republics of Central Africa and Chad which they have no
outlet to the sea, connecting the populated areas traversed by the road with the
rest of the country and reduction of poverty in the project area.
Including this new loan, the total commitments of BADEA to the Republic of
Cameroon will amount to US $ 74.91 million. |
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