The agreements were signed on the sidelines of spring joint meetings with the International Monetary Fund and the World Bank, that took place in Washington, during the period 18-23ِApril 2017.
The loans extended by those agreements granted on highly concessional terms and in accordance with BADEA's Seven Five-Year-Plan (2015-2019), and are allocated as follows:
1. The United Republic of Tanzania: -
The United Republic of Tanzania received a Loan of US $ 10.50 million to help finance the rehabilitation and expansion of Mnazi Mmoja referral hospital project in Zanzibar.
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 the expansion and improvement of the level of the medical services of “Mnazi Mmoja” Referral Hospital. Such improvements will put the hospital in a good position to offer better services to the patients who are directly coming to the hospital or referred to it from other hospitals.
2) Burkina Faso:
BADEA extended a loan of US $ 19 million, to Burkina Faso to help finance "Ouahigouya - Djibo" road project.
The "Ouahigouya - Djibo" road project considered as a part of the Government's policy of open the interior and exterior of the country. The project aims to ensure the continuity of road traffic throughout the year, promote trade between the project area, which is characterized by its rich agricultural and animal resources with other areas of the country, develop trade between Burkina Faso and neighboring countries (the Republics of Mali and Niger), reduce transport time and costs for agricultural products, strengthen the paved road network and contribute to the reduction of the costs of maintaining roads, in addition to contribute to reducing poverty in the project area.
3) The Republic of Liberia - Liberian Bank for Development and Investment
BADEA has signed with the Liberian Bank for Development and Investment, two Lines of Credit Agreements; the first one is related to a Trade Finance Line of Credit amounting to US $ 10 million which is earmarked to financing trade operations entailing imports from Arab countries to the Republic of Liberia, whilst the second one is pertaining to a Private Sector Line of Credit amounting to US$ 5 million that is envisaged to contribute towards financing private sector projects in the country.
The agreements were signed, on behalf of BADEA, by H.E. Mr. Yousef Ben Ibrahim El Bassam, Chairman of the Board of Directors.
The beneficiary countries were represented by the officials designated by their respective countries as follows: H.E. Dr. Philp Isdor Mpango, Minister of Finance and Planning for Tanzanian Government; H.E. Mr. Hadizatou Rosine COULIBALY/SORI, Minister of Economy, Finance and Development for Burkina Faso, in addition to H.E. Mr. John B. S. Davies, III, President and CEO, who signed for the Liberian Bank for Development and Investment.
