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The Republic of Ghana and BADEA sign a US $ 4 million Loan Agreement
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 In
a ceremony held on Monday 20th September 2004, a loan agreement was signed
between the Republic of Ghana and the Arab Bank for Economic Development in
Africa (BADEA). By virtue of this agreement, BADEA extends to the Republic of
Ghana a loan of US $ 4 million to help finance Basic Education in Ashanti and
Brong-Ahafo Regions Project.
The signing ceremony was attended by H.E. Mr. LT. GENERAL Benedictus Akafia
Ghana’s Ambassador 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 30 years including a grace period of 10 years and at
an annual interest rate of 1%.
The project aims at achieving the Government’s Policy for developing and
expanding the Education Sector in two main regions. It will support the Basic
Education System to take its role in development of Education in Ghana in
general by constructing 75 Primary Schools. The project will avail the chances
for the intake of 21000 pupils and will expand the educational system that
improves educational opportunities to rural and poor communities. The project
also aims at participation in achieving the objectives of the Government in
poverty alleviation, and better opportunity for female’s educations.
Including this new loan, total commitments of BADEA to the Republic of Ghana
will amount to US $ 143.257 million.
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