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The Republic of Mauritius and BADEA sign a US $ 5.5 million loan Agreement
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 In
a ceremony held at BADEA’s Headquarters in Khartoum, on Thursday December 2nd
2004, a loan agreement was signed between the Republic of Mauritius and the Arab
Bank for Economic Development in Africa (BADEA). By virtue of this agreement
BADEA extends to the Republic of Mauritius a loan of US $ 5.5 million to help
finance Northern Plains Irrigation Project - Phase II (NPIP II).
The signing ceremony was attended by H.E. Mr. S. Soborun Ambassador of the
Republic of Mauritius in Egypt, H.E. Mr. N. Toolsee, the Director General of
Irrigation Authority, 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 extended to the Irrigation Authority under a guarantee of the
Government of Mauritius. The loan shall be repaid in 22 years including a grace
period of 5 years and at an annual interest rate of 2.5 %.
The project aims at the realization of socio-economic development in Mauritius
by increasing the irrigated areas in northern part of the country. The project
will lead to the increase of the incomes of 1350 small farmers by improving
agricultural production and its diversification, which will result in poverty
alleviation in the project area.
Including this new loan, the total commitments of BADEA to the Republic of
Mauritius, todate, will amount to US $ 83.33 million. |
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