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The Republic of Cape Verde and BADEA sign A us $ 3.6 million loan Agreement |
In a ceremony held on Thursday July 1st 2004, a loan agreement was signed
between the Republic of Cape Verde and the Arab Bank for Economic Development in
Africa (BADEA). By virtue of this agreement, BADEA extends to the Republic of
Cape Verde a loan of US $ 3.6 million to help finance the project of the
construction of two High Schools in Santiago Island.
The signing ceremony was attended by H.E. Mr. Victor A.G. Fidalgo, Advisor for
the Minister of Finance and Planning, 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 30 years including a grace period of 6 years and at
an annual interest rate of 1%.
The project aims at the development of human resources in the country through
the improvement of the educational system for the secondary level, which has
great impact on alleviating poverty and realizing sustainable development. It
aims also at increasing the receiving capacity of the secondary level and
improving its quality and facilitating the access to the school in the rural
areas mainly for girls.
Including this new loan, total commitments of BADEA to the Republic of Cape
Verde will amount to US $ 68.550 million.
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