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The Republic of Benin and Badea sign A us $ 3.2 million loan Agreement
and an agreement concerning Benin Debt relief of US $ 2.648 million |
In a ceremony
held today at BADEA’s Headquarters in Khartoum, on Saturday 06th
March 2004, a loan agreement was signed between the Republic of Benin and the
Arab Bank for Economic Development in Africa (BADEA). By virtue of this
agreement, BADEA extends to the Republic of Benin a loan of US $ 3.2 million to
help finance the construction of University's Residences at Porto Novo Campus in
the University of Parakou, Phase1: Construction of two Residential Units
project.
On the other hand, an agreement for BADEA’s contribution in Highly Indebted Poor
Countries (HIPC) Initiative for the Republic of Benin was also signed, for a
total relief of US $ 2.648 million. H.E. Mr. Medhat S. Lotfy, Director
General of BADEA signed for BADEA, and H.E. Mr. Bruno AMOUSSOU, Minister of
State in Charge of Planning, Prospective and Development signed for the Republic
of Benin. The signing ceremony also presented by H.E. Madame. Rafiatou KARIM,
Minister of Primary and Secondary Education, and H.E. Mr. Luc Gnancadja Minister
of Environment, Housing and Urbanization.
The
Loan of the project of the construction of University's Residences at Porto Novo
Campus in the University of Parakou, Phase1: Construction of two Residential
Units project, will be repaid in 30 years including a grace period of 6 years
and at an annual interest rate of 1%. The
project aims at providing living facility to the students of the University of
Parakou and the University Center of Porto Novo. The project will improve the
living and educational and health conditions for students from rural areas.
Including this new loan of the
construction of University's Residences at Porto Novo Campus in the University
of Parakou, Phase1: Construction of two Residential Units project, the total
commitments of BADEA to the Republic of Benin will amount to US $ 101.43
million.
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