In a ceremony held on Thursday 7th of April 2005, a loan agreement was signed between the Republic of Mali and the Arab Bank for Economic Development in Africa (BADEA). By virtue of this agreement BADEA extends to the Republic of Mali a loan of US $ 7.2 million, to help finance the Rehabilitation of Internal Roads Project in Four Cities.

The signing ceremony was attended by H.E. Mr. Mamadou KABA, Ambassador of the Republic of Mali to the Arab Republic of 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 is within the framework of the comprehensive government programme that aims at opening the landlocked regions in Mali, and improving the condition of internal roads within the main cities housing government centers. The project will also improve the national roads network in four cities, namely: Tombouctou, Gao, Kiyta and Bougouni, through rehabilitating some of its internal roads.

Including this new loan, total commitments of BADEA to the Republic of Mali will amount to US $ 114.066 million.