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The Republic of Benin and BADEA sign A us $ 3.7 million loan Agreement |
In a ceremony held today Thursday July 1st 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 $ 3.7 million to help finance the construction of Mathematics
and Physics Sciences Institute in Badandjoubo.
The signing ceremony was attended by H. E. Mr. Bruno AMOUSSOU, Minister of State
in Charge of Planning, Prospective and Development Mr. Ahmed Abdallah Al-Akeil,
Chairman of BADEA’s Board of Directors, and 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 enhancing the training of teachers in the field of
mathematics and physical sciences to reduce the shortage of teachers in the
university and in the technical and professional institutes. It also aims at
increasing the number of students enrolled in the institute through the
construction of new buildings and provision of furniture and equipment. The
project will support the regional orientations of the Institute by increasing
its capacity to reach about 50 African students, in addition to upgrading the
standard of the teachers within the frame of the continuous training.
Including this new loan total commitments of BADEA to the Republic of Benin will
amount to US $ 105.255 million.
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