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The Republic of Sierra Leone and BADEA Sign a US $ 6 Million loan Agreement |
In a ceremony held on Thursday July 1st 2004, a loan
agreement was signed between the Republic of Sierra
Leone and the Arab Bank for Economic Development in
Africa (BADEA). By virtue of this agreement BADEA
extends to the Republic of Sierra Leone a loan of US $ 6
million to help finance Hillside Bypass Road Project.
The signing ceremony was attended by H.E. Mr. Joseph M.
Kallon, Deputy Minister of Finance of the Republic of
Sierra Leone, 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 at an annual interest rate of 1%.
The project aims at relieving traffic congestion in the
commercial centre of Freetown City and contributing to
reduction of journeys’ time, between the east and the
west of the city. The project will facilitate the
linking between Freetown and the rest of Sierra Leone
regions as well as neighboring countries. The project
aims also at reduction of transport cost of passengers
and goods in addition to poverty alleviation.
Including this new loan, the total commitments of BADEA
to the Republic of Sierra Leone will amount to US $
36.375 million.
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