|
The United Republic of Tanzania and BADEA Sign a US $ 5.6 Million loan agreement |
In a ceremony held on Thursday 08th January 2004, a loan agreement was signed
between the United Republic of Tanzania and the Arab Bank for Economic
Development in Africa (BADEA). By virtue of this agreement BADEA extends to the
United Republic of Tanzania a loan of US $ 5.6 million to help finance Zanzibar
State University Project (Phase1).
The signing ceremony was attended by Mr. Ramadhan Mussa Khijjah, the Deputy
Permanent Secretary Ministry of Finance, 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 30 years including a grace period of 10 years and at
an annual interest rate of 1%.
The project aims at availing the opportunity for provision of training of
professionals in the fields of education, arts, and engineering sciences locally
at Zanzibar, to meet the demands of the social-economic development in Zanzibar.
The project also aims at the encouragement of national academicians and
professionals with higher qualifications who are working abroad and the young
Zanzibaris who got post university degrees abroad to return to Zanzibar and
participate in the development of the University and in the development of their
country.
Including this new loan, the total commitments of BADEA to the United Republic
of Tanzania will amount to US $ 77.96 million. |
|
       |
