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The Kingdom of Lesotho and BADEA sign a us $ 6 million loan Agreement |
In a ceremony held on Thursday 08th January 2004, a loan agreement was signed
between the Kingdom of Lesotho and the Arab Bank for Economic Development in
Africa (BADEA). By virtue of this agreement, BADEA extends to the Kingdom of
Lesotho a loan of US $ 6 million to help finance Maseru Water Supply project
(Phase II).
The signing ceremony was attended by H.E. Mrs. Lieketseng Pilane Ambassador of
Lesotho in Cairo, H.E. Mr. Ahmed Abdallah Al-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 26 years including a grace period of 6 years and at
an annual interest rate of 2%.
The project aims at improvement of health and the living conditions of the
population, prevent the sickness and diseases, which are caused by polluted
water and to meet the demands of potable water of the population of the semi
urban areas of Maseru City up to the year 2023.
Including this new loan, total commitments of BADEA to the Kingdom of Lesotho
will amount to US $ 48.467 million. |
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