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The Republic of Rwanda and BADEA Sign US $ 2 million additional Loan Agreement |
In a ceremony held, on Thursday July 1st 2004, a loan
agreement was signed between the Republic of Rwanda and
the Arab Bank for Economic Development in Africa
(BADEA). By virtue of this agreement BADEA extends to
the Republic of Rwanda an additional loan of US $ 2
million to help finance the rehabilitation of
three-hydropower stations project.
The signing ceremony was attended by H.E. Mrs. Monique
NSANZABAGANWA State Secretary, Ministry of Finance and
Economic 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 10 years, and an annual interest rate of 1%.
The project aims at modernization of the infrastructure
for the production of Hydro-energy in three stations (Ruhengeri,
Gisenyi, Gihira), which will contribute to the reduction
of maintenance cost of the three stations and to
increase the revenues of the people, in addition to the
establishment of development project, increase of
national income and improvement of the trade balance
through the reduction of quantity of electricity
imported from surrounding countries.
Including this new loan, total commitments of BADEA to
the Republic of Rwanda will amount to US $ 71.2 million.
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