In a ceremony held on Thursday 13th of April 2006, nine (9) loan agreements were signed between the Arab Bank for Economic Development in Africa (BADEA) and the Republics of: Democratic Congo, Kenya, Malawi, Mali, Mauritius, Mozambique, Seychelles, Sierra Leone and Tanzania. The loans extended by virtue of those agreements are based on easy terms and aim at contributing to financing development projects in the afore-mentioned African countries. The total amount of the loans is US$ 78.1 million, as follows:

- US$ 13.50 million to the Democratic Republic of Congo, to participate in financing the Extension and Rehabilitation of Potable Water Structures in Mbuji Mayi Project (Phase 1). This loan will be repaid in 30 years, including a grace period of 10 years, and at an annual interest rate of 1%.

- US$ 10 million to the Republic of Kenya, to participate in financing the Dondouri –Njabini Road Project. This loan will be repaid in 30 years, including a grace period of 10 years, and at an annual interest rate of 1%.

- US$ 10 million to the Republic of Malawi, to participate in financing the Zomba –Jali –Chitakale Road Project. This loan will be repaid in 30 years, including a grace period of 10 years, and at an annual interest rate of 1%.

- US$ 13 million to the Republic of Mali, to participate in financing the Extension of Kayes Airport Project. This loan will be repaid in 30 years, including a grace period of 10 years, and at an annual interest rate of 1%.

- US$ 4 million to the Republic of Mauritius, to participate in financing the Pailles Guibies Sewerage Project. This loan will be repaid in 22 years, including a grace period of 5 years, and at an annual interest rate of 3%.

- US$ 6 million to the Republic of Mozambique, to participate in financing the Construction and Equipping of Polytechnic in Tete Province Project. This loan will be repaid in 30 years, including a grace period of 10 years, and at an annual interest rate of 1%.

- US$ 6.50 million to the Republic of Seychelles, to participate in financing the Provision of Utilities Infrastructure in "Perseverance" Island Project. This loan will be repaid in 22 years, including a grace period of 5 years, and at an annual interest rate of 3%.

- US$ 7 million to the Republic of Sierra Leone, to participate in financing the Western Area Power Generation Project (Phase 11). This loan will be repaid in 30 years, including a grace period of 10 years, and at an annual interest rate of 1%.

- US$ 8.10 million to the United Republic of Tanzania, to participate in financing the Pemba Roads Project in Zanzibar. This loan will be repaid in 30 years, including a grace period of 10 years, and at an annual interest rate of 1%.

H.E. Mr. Ahmed Abdallah Al-Akeil, Chairman of BADEA’s Board of Directors and H.E. Mr. Medhat S. Lotfy, the Director General signed the loan agreements on behalf of BADEA. The beneficiary countries were represented by the officials designated by their respective countries as follows: H.E. Marco Banjuli, Minister of Finance of Congo, H.E. Mutua Kilaka, Financial Secretary of the Ministry of Finance of Kenya, H.E. Yahya M’Madi, Malawi’s Ambassador to Egypt, H.E. M. Mamadou KABA, Mali’s Ambassador to Egypt, H.E. Somduth Soborun, Mauritius’s Ambassador to Egypt, H.E. Aires Bonifacio Aly, Minister of Education and Culture of Mozambique, H.E. Lekha Nair, Principal Secretary of Finance of Seychelles, H.E. Joseph M. Kallon, Deputy Minister of Finance of Sierra Leone and H.E. Joyce K.Q. Mapunjo, Deputy Treasury Permanent Secretary of Tanzania.

It is worth noting that BADEA’s total commitments to the benefit of the nine beneficiary countries amounted to about US$ 778.3 million, by the end of March 2006.

Also, it is worth noting that from 1975 todate BADEA singed 388 loan agreements. The total BADEA’s commitments for the African beneficiary countries during the same period, including HIPC debt relief and the funds allocated for the 361 technical assistance operations approved during the period stands at US$ 3004.58.