Benin + 3 more

BADEA extends FOUR loans totaling US $ ‎‏26.1‏‎ million with Burkina Faso, Benin, Cote D'Ivoire and Chad‎

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The Arab Bank for Economic Development in Africa (BADEA), signs in ‎Khartoum, Wednesday, 18 January 2012, four loan agreements worth US $ ‎‏26.1‏‎ million US dollar, for the benefit of the Republics of Burkina Faso, ‎Benin, Côte‏ ‏d'Ivoire, and Chad details of these loans as follows:-‎ Burkina Faso:‎ ‎ ‎‏ ‏A loan of US $ 1.5 million from (BADEA), to Burkina Faso to finance a ‎Line of Credit for Youth Support Fund.‎ ‏ ‏The loan, which is to be reimbursed over a period of 20 years, ‎includes a grace period of 5 years and has an annual interest rate of ‎‎1%.‎ ‏ ‏The project aims at supporting the government efforts to reduce ‎poverty and improve living conditions for the youth that are ‎considered the poorest segment in the country by strengthening the ‎facility for Youth Support Fund in order to provide the Youth ‎additional financial resources to help them to implement small and ‎micro projects that will lead to create new employment opportunities ‎to break the cycle of unemployment and poverty. This will contribute ‎to stability of human development and economic development for ‎young people in Burkina Faso.‎ Republic of Benin:‎ BADEA also signed a loan agreement totaling US $ 10.40 million ‎dollars with the Republic of Benin to help finance the construction of a ‎bridge on “Mono” River project. The loan is to be reimbursed over a ‎period of 30 years and includes a grace period of 10 years, with an ‎annual interest rate of 1%.‎ The project, which is part of the program for Economic and Monetary ‎Union of West Africa "UEMOA", aims to reduce the use of ferries and ‎boats to move between both sides of the river, between Benin and ‎Togo, resulting of saving time for users of the bridge and improving ‎traffic movements. The project also aims to support trade and ‎economic integration between Benin and Togo, and to improve and ‎revitalize the transit traffic between Nigeria to the east going through ‎Benin and to Togo and Ghana to the west.‎ Republic of Côte‏ ‏d'Ivoire:‎ BADEA also signed an additional loan agreement totaling US $ 6 ‎million with Côte‏ ‏d'Ivoire to help finance the “Jacqueville” Bridge ‎Project. The loan is to be reimbursed over a period of 30 years and ‎includes a grace period of 10 years, with an annual interest rate of ‎‎1%.‎ The project aims at the reduction of using ferries and boats between ‎the two sides of the lake, and participates in saving the time and ‎development of industrial and tourism activities in the coastal areas ‎and improvement of traffic from Jacque Ville to centre, north, east ‎and west of the country.‎ Republic of Chad:‎ Moreover, BADEA signed also a loan agreement totaling US $ 8.20 ‎million dollars to the Republic of Chad to help finance Sustainable ‎Development project for villages in “Selamat” Region. The loan is to ‎be reimbursed over a period of 30 years and includes a grace ‎period of 10 years, with an annual interest rate of 1%.‎ The project falls within the state's strategy to reduce poverty and ‎support food security and enable the poor to benefit from social ‎services. The project will contribute to poverty reduction, reduce ‎hunger and improve the lives of the general population in the project ‎area through improved agricultural production and development of ‎livestock production resulting in raising the income of residents of the ‎target villages. The project also aims to enable largest number of ‎boys and girls to be enrolled in primary education, reduce child ‎mortality, and improve maternal health and resistance to endemic ‎diseases in the project area.‎ The four loans were granted on highly concessional terms, in ‎accordance with BADEA's Six Five-Year-Plan (2010-2014).‎ On behalf of BADEA, the agreements were signed, by H.E. Mr. Abdelaziz ‎KHELEF, Director General. The beneficiary countries were represented by ‎the officials designated by their respective countries as follows: ‎  ‎ Mr. Lene Segbo, Director General of Cooperation, Ministry of ‎Economy and Finance for Burkina Faso.‎  ‎ H.E. Mr. Ferdinand MONTCHO, Ambassador of the Republic of ‎Benin in Ethiopia. ‎  ‎ H.E. Mr. TANOH BOUTCHOUE BERNARD, Ambassador of the ‎Republic of Côte‏ ‏D’Ivoire in Egypt and Sudan. ‎  ‎ H.E. Mr. MAHAMAT ABDERAHIM ACYL, Ambassador of the ‎Republic of Chad in Sudan.‎ ‎ ‎