BADEA extends loan worth US $ 8 million to Burundi

 

 

BUJUMBURA, Burundi, November 5, 2009/African Press Organization (APO)/ — In a ceremony held at Bujumbura, capital of the Republic of Burundi a loan agreement signed today 05/11/2009 2009, between the Republic of Burundi and the Arab Bank for Economic Development in Africa (BADEA). By virtue of this agreement BADEA extends to Burundi a loan of US $ 8 million to help finance BUBANZA- NDORA “Phase II:” Ntamba- Ndora road project.

The project is part of the government’s programme on the development of the transport sector to enhance the level of the national road network. It aims to boost the socio-economic development of the western region to open up Bubanza and Cibitoke and the regions of Ntamba and Ndora, to facilitate the transportation of goods and people, to cut down transport costs and to contribute to poverty alleviation.

 

The agreement signed, on behalf of BADEA, by H.E. Mr. Abdelaziz KHELEF Director General who is currently visiting Burundi and by H.E. Madame Clotilde NIZIGAMA, Minister of Finance for Burundi.

 

The loan will be repaid in 30 years including a grace period of 10 years and at an annual interest rate of 1%.

 

SOURCE 

Arab Bank for Economic Development in Africa (BADEA)