|
The Republic of Mozambique and BADEA sign a us $ 9 million loan agreement |
In a ceremony held on Thursday 08th January 2004, a loan agreement was signed
between the Republic of Mozambique and the Arab Bank for Economic Development in
Africa (BADEA). By virtue of this agreement BADEA extends to the Republic of
Mozambique a loan of US $ 9 million to help finance Beira Fishing Port Project.
The signing ceremony was attended by H.E.Mr. Artur Josefa Jamo, Ambassador of
Mozambique 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 30 years including a grace period of 10 years and at
an annual interest rate of 1%.
The project aims at increasing of fish processing in the sea port of Beira and
consequently the increase of export revenues, meeting the local demand of fish,
in addition to increase jobs opportunities in the fish sector which leads to the
participation of the national fishermen in the fish sector.
Including this new loan, the total commitments of BADEA to the Republic of
Mozambique will amount to US $ 142.120 million. |
|
       |
