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The United Republic of Tanzania and BADEA Sign a US $ 9.6
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In a ceremony held on Thursday July 1st 2004, a loan
agreement was signed between the United Republic of
Tanzania and the Arab Bank for Economic Development in
Africa (BADEA). By virtue of this agreement BADEA
extends to the United Republic of Tanzania a loan of US
$ 9.6 million to help finance Route Marangu -Tarakea -
Kamwanga (Phase I Tarakea – Rombo Mku).
The signing ceremony was attended by H.E.Mr. Kassim
Maharage Mwawado, Ambassador of the United Republic of
Tanzania in Egypt, H.E. Mr. Ahmed Abdallah El-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 increasing the income of the
population and poverty alleviation, by easing the
traffic movements in the country in general and in the
project area in particular. The project will facilitate
the transportation of passengers and agricultural
products to the consuming areas and encourage the
tourist activities with the neighbouring African
countries. The project will encourage BADEA’s policy in
connecting the African countries with each other. The
project will also support women activity.
Including this new loan, the total commitments of BADEA
to the United Republic of Tanzania will amount to US $
87.56 million.
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