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Burkina Faso and BADEA sign a US $ 10 Million Loan Agreement |
 In
a ceremony held on Thursday 2nd December 2004, at BADEA Headquarters in
Khartoum, a loan agreement was signed between Burkina Faso and the Arab Bank for
Economic Development in Africa (BADEA). By virtue of this agreement BADEA
extends to Burkina Faso a loan of US $ 10 million to help finance Ouagadougou -
Kongoussi road project.
The signing ceremony was attended by Mr. Sebgo Léné, General Director for
Cooperation, Ministry of Finance and Budget, 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 the development of the Central and Northern part of Burkina
Faso socially and economically, and to expand asphalted roads networks in the
country. The project also aims at the encouragement of agricultural and animal
resources development. The project in addition will improve traffic efficiency
safety on the road, integration of roads network and reduction in the time of
travel, in addition to reduction of operation cost of vehicles, which results in
the reductions of cost of transport and the maintenance of the existing road.
The project also will participate in the reduction of poverty alleviation and
will encourage development of tourist activities.
Including this new loan, the total commitments of BADEA to Burkina Faso will
amount to US $ 152.849 million. |
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