In a ceremony held in Kigali, today Tuesday 27 November 2007, a loan agreement signed between the Republic of Rwanda and the Arab Bank for Economic Development in Africa (BADEA). By virtue of this agreement, BADEA extends to the Republic of Rwanda a loan of US $ 10 million to help finance the Rehabilitation of the Gitarama - Mukamira Road Project.

The agreement was signing on behalf of BADEA by H.E. Mr. Ahmed Abdullah El Akeil, Chairman of BADEA Board of Directors, and on behalf of the Republic of Rwanda by H.E. James Musoni, the Minister of Finance and Economic Planning.

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 linking the capital of Kigali, located in the middle of the country, to Uganda and to the Democratic Republic of the Congo, as well as at improving the efficiency and the safety of current road traffic. The project also aims at reducing transportation costs and time, vehicle operation cost, linking the inhabitants of the areas served by the road with the rest of the country and reducing poverty.

Including this new loan, the total commitments of BADEA to the Republic of Rwanda will amount to US $ 82 million.