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The Republic of Côte d’ivoire and BADEA sign a us $ 10 million loan Agreement |
In a ceremony held on Thursday July 1st 2004, a loan
agreement was signed between the Republic of Côte
d’Ivoire and the Arab Bank for Economic Development in
Africa (BADEA). By virtue of this agreement, BADEA
extends to the Republic of Côte d’Ivoire a loan of US $
10 million to help finance Singroubo-Yamoussoukro Road
Project Phase II (Taabo - Toumodi).
The signing ceremony was attended by H.E. Mr. KONAN
N’GUESSAN Marcel Ambassador of the Republic of Côte
d’Ivoire in Egypt, 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 26 years including a grace
period of 6 years and at an annual interest rate of 2%.
The project will contribute in economic, social
development of the country, and represents part of the
road connecting the capital Abidjan with Yamoussoukro
the administration capital. The project will participate
in improvement of traffic safety and will connect the
different productive centers with the rest of the
country; in addition the project will support the
Regional Road that passes through the West of Africa
continent countries. This Regional Road is within the
framework of NEPAD projects that links between
Nouakchott-Dakar-Bissau-Conakry-Monrovia- Yamoussoukro -
Abidjan -Accra- Lomé -Lagos and Unhitch in Nigeria and
Douala in Cameroon.
Including this new loan, total commitments of BADEA to
the Republic of Côte d’Ivoire will amount to US $ 54.055
million.
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