The Arab Bank for Economic
Development in Africa (BADEA), signed today Thursday 14th September 2006 in a
ceremony held in Cairo, three (3) loan agreements with the Republics of: Ghana,
Senegal, and Zambia. 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$ 21.8
million and is allocated as follows:
- US$ 8
million to the Republic of Ghana, to participate in financing the
construction of seven bridges project. 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 improving the road network via rivers to facilitate transport of
agricultural products, passengers and goods, which lead to the improvement of
living, health and educational standards of population in the rural areas. The
project, which also connects Ghana with its neighboring countries, will
contribute to strengthening the economic integration between the countries.
-
US$ 7 million to the Republic of Senegal, to participate in
financing the Dalal Jamm Hospital project. This 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 improving the health standard of the population and establishing
a referral hospital equipped with modern equipment which can help reduce the
number of patients travel abroad for treatment and encourage medical
professionals to stay in the country.
- US$ 6.8
million to the Republic of Zambia, to finance water supply to six towns
project. 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 improving the
potable water services and the health standard of the population. It also aims
at developing the project area and reducing poverty.
The agreements were signed, on behalf of BADEA, by H.E. Ahmed
Abdallah Al-Akeil, Chairman of the Board of Directors. The beneficiary countries
were represented by the officials designated by their respective countries as
follows: H.E. Akilaja Olufemi Akiwumi, Ghana ambassador to Egypt; H.E. Babacar
SAMB, Senegal's Ambassador to Egypt, and H.E. Cecil Holmes Zambia’s Ambassador
to Egypt.
It is worth noting that BADEA’s total commitments to these three beneficiary
countries amounted to about US$ 410.545 million, by the end of June 2006.
The total BADEA’s commitments for the 43 African beneficiary countries during
the period March 1975 to June 2006, stands at US$ 3144.222 million, to finance
projects and technical assistance operations and also include loans provided by
SAAFA (Special Arab Aid Fund for Africa) amounting to US $ 214.2 million, and
the funds allocated through Heavily Indebted Poor Countries (HIPC) Initiative.
- US$ 8
million to the Republic of Ghana, to participate in financing the
construction of seven bridges project. 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 improving the road network via rivers to facilitate transport of
agricultural products, passengers and goods, which lead to the improvement of
living, health and educational standards of population in the rural areas. The
project, which also connects Ghana with its neighboring countries, will
contribute to strengthening the economic integration between the countries.
-
US$ 7 million to the Republic of Senegal, to participate in
financing the Dalal Jamm Hospital project. This 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 improving the health standard of the population and establishing
a referral hospital equipped with modern equipment which can help reduce the
number of patients travel abroad for treatment and encourage medical
professionals to stay in the country.
- US$ 6.8
million to the Republic of Zambia, to finance water supply to six towns
project. 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 improving the
potable water services and the health standard of the population. It also aims
at developing the project area and reducing poverty.
