In a ceremony held in Cairo, the Arab Bank for Economic Development in Africa (BADEA), signed today Monday 08 October 2007, three (3) loan agreements with the Republics of: Madagascar, Gabon and Côte d’Ivoire. 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 these loans is US $ 19.30 million and is allocated as follows:

- US$ 4.30 million to Madagascar, to participate in financing the construction of the National Institute for Accounting and Companies Administration 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 standard of accounting and business administration courses and to ensure continuity in the Institute’s activities. Also, by providing a single location with an increased intake capacity, the project also aims at enabling the Institute to achieve greater efficiency and be in a position to take more students from the different provinces.

- US$ 10 million loan to the Republic of Gabon to participate in financing Rehabilitation of Ten Regional Airports Project. The loan will be repaid in 25 years, including a grace period of 5 years, and at an annual interest rate of 2.5%. The project aims at enhancing the services as well as the management and operating systems of the main inland airports. It also aims at increasing access to the inner areas of the country, supporting internal air transport and guaranteeing the regularity of flights, contributing to the creation of employment opportunities and the fight against poverty.

- US$ 5 million to the Republic of Côte d’Ivoire, to finance the rehabilitation of the Vocational Training Centre in the City of Man. 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 rehabilitating the buildings of the centre in order to increase its carrying capacity and allow the youth to obtain qualifications in the areas of mechanics, electric and electronic maintenance, and production management.

The agreements were signed on behalf of BADEA, by H.E. Ahmed Abdallah Al-Akeil, Chairman of the Board of Directors and in the presence of H.E. Abdelaziz Khelef, Director General. The beneficiary countries were represented by the officials designated by their respective countries as follows: H.E. Benjamin Andriamparany RADAVIDSON, Minister of Finance, and Budget signed for Republic of Madagascar; and for the Republic of Gabon, H.E. Joseph MAMBOUNGOU, Gabon’s Extraordinary Ambassador and Plenipotentiary to Egypt signed for his country and the Ambassador of Côte d’Ivoire in Egypt, H.E. Marcel Konan N'Guessan signed for the Republic of Côte d’Ivoire.

It is worth noting that BADEA’s total commitments to these three beneficiary countries amounted to about US$ 194,415 million, by the end of June 2007.

The total BADEA’s commitments for the 43 African beneficiary countries during the period March 1975 to June 2007, stands at US$ 3315.822 million, to finance projects and technical assistance operations and the funds allocated through Heavily Indebted Poor Countries Initiative (HIPC). . . . . .