In a ceremony held on Thursday 7th of April 2005, a loan agreement was signed between the Republic of Senegal and the Arab Bank for Economic Development in Africa (BADEA). By virtue of this agreement BADEA extends to the Republic of Senegal a loan of US $ 11.4 million, to help finance Storm Water Drainage for Pikine Town.

The signing ceremony was attended by H.E. Mr. Mamadou SOW, Ambassador of the Republic of Senegal 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 aims at expanding the capacity of the storm water drainage system in Pikine Town, in order to improve health and living conditions of the population by reducing the risk of epidemics and the conservation of environment.

Including this new loan, total commitments of BADEA to the Republic of Senegal will amount to US $ 180.425 million.