Posted by: africanpressorganization | 24 August 2008

Niger / BADEA extends a loan to the Republic of Niger


 

Niger / BADEA extends a loan to the Republic of Niger

 

NIAMEY, Niger, August 24, 2008/African Press Organization (APO)/ — A loan agreement of US $ 10 million was signed in Cairo on 23/08/2008 between the Arab Bank for Economic Development in Africa (BADEA) and the Republic of Niger to finance the construction of Kandadji Barrage “Phase one”.    

The loan, which is to be reimbursed over a period of 30 years, include a grace period of 10 years and have an annual interest rate of 1%.

The agreement was signed on behalf of BADEA by H.E. Mr. Abdelaziz KHELEF the Director General and on behalf of the Republic of Niger by H.E. Mr. Ali Mahaman Lamine Zeine, Minister of Economy and Finance of the Republic of Niger.

The project aims at protecting the ecosystem of river Niger and ensures availability of water supply throughout the year for irrigation of 2000 hectares of land in the first phase (to be increased to 31 thousand hectares by 2034) and for generation of electricity. The project will improve the food security and living standard of the people and will fight poverty. The loan was granted on highly concessional terms, in accordance with BADEA’s Fifth Five-Year-Plan (2005-2009).

The total BADEA’s commitment for the Republic of Niger stands at US $ 77.402 million until end of June 2008.

 

 

A loan agreement of US $ 10 million was signed in Cairo on 23/08/2008 between the Arab Bank for Economic Development in Africa (BADEA) and the Republic of Niger to finance the construction of Kandadji Barrage “Phase one”.    

The loan, which is to be reimbursed over a period of 30 years, include a grace period of 10 years and have an annual interest rate of 1%.

The agreement was signed on behalf of BADEA by H.E. Mr. Abdelaziz KHELEF the Director General and on behalf of the Republic of Niger by H.E. Mr. Ali Mahaman Lamine Zeine, Minister of Economy and Finance of the Republic of Niger.

The project aims at protecting the ecosystem of river Niger and ensures availability of water supply throughout the year for irrigation of 2000 hectares of land in the first phase (to be increased to 31 thousand hectares by 2034) and for generation of electricity. The project will improve the food security and living standard of the people and will fight poverty. The loan was granted on highly concessional terms, in accordance with BADEA’s Fifth Five-Year-Plan (2005-2009).

The total BADEA’s commitment for the Republic of Niger stands at US $ 77.402 million until end of June 2008.

 

 

 

SOURCE : Arab Bank for Economic Development in Africa (BADEA)


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