BADEA signs six agreements with a total amount of US$ 74.500 million and a Line of Credit

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BADEA signs six agreements with a total  amount of US$ 74.500 million and a Line of Credit BADEA signs six agreements with a total amount of US$ 74.500 million and a Line of Credit

The Arab Bank for Economic Development in Africa (BADEA), signed six loan agreements with the Republics of: Senegal, Guinea Bissau, Swaziland, Lesotho, Guinea, Zambia and a Line of Credit to Solidarity Bank of Mali.

These loans will help financing development projects in the field of infrastructure, water, energy, social, (health) and private sectors operations.

The agreements were signed on the sidelines of joint meetings of the International Monetary Fund and the World Bank, that took place in Washington, during the period 09-15 October 2017.

The six loans extended through those agreements totaling US$ 74.500 million, are on highly concessional terms and in accordance with BADEA's Seven Five-Year-Plan (2015-2019), and are allocated as follows:

1)     The Kingdom of Lesotho: -

The kingdom of Lesotho received a Loan of US $ 14 million, to help finance the Greater Maseru water supply project. The loan will be repaid in 20 years, including a grace period of 5 years, and at an annual interest rate of 2%.

The project aims to contribute to the social and economic development in Lesotho by improving the population's access to potable water. In addition, the project aims to meet the shortage of drinking water, meet the water needs of the population until 2042, reduce the spread of water-borne diseases, and to reduce poverty.

2)      The Republic of Senegal:

BADEA extended a loan of US $ 13.50 million, to Senegal to help finance " the Sanitation project in Saint Louis Island.

The project aims to develop and improve sanitation services for “San Louis” Island. The project will contribute to improving the health conditions of the population and reducing health risks and epidemics caused by wastewater, protecting the environment and stimulating other development sectors leading to improved living conditions for the population and poverty alleviation.

The loan will be repaid in 27 years, including a grace period of 7 years, and at an annual interest rate of 2%.

3)  The Republic of Guinea Bissau:

BADEA has signed with Guinea Bissau a loan agreement amounting to US $ 11 million to finance the construction of Power Station in the capital "BISSAU". 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 to find an urgent solution to the energy problem and ensure that it is available sustainably and at affordable prices for most consumers. The project also aims at restoring the capacity of Guinea-Bissau electricity and water company by owning the assets of the power plant facility and training technicians, maintenance and management of the maternity plants. The project is also expected to contribute to improving the company's income and helping the Government achieve its targets for increasing access to electricity in Bissau to 80% by 2030.

The Republic of Guinea:

BADEA extended a loan of US $ 16 million, to Guinea to help finance the rehabilitation of "Kissidougou-Guékédou-kondémbadou -Section 3: "Guékédou - kondémbadou "road project. 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 to improve the national road network and facilitate the movement of goods and people, in addition to delivery of the agricultural products to markets and access to socio-economic services and strengthening of trade with neighboring countries (Liberia, Sierra Leone, and Cote d'Ivoire).

5) The Kingdom of Swaziland:

BADEA extended a loan of US $ 10 million, to Swaziland to help finance construction and equipping of national referral hospital. 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 to provide comprehensive, advanced, specialized medical services for the population to meet the demand for health care in the country, and also to reduce the treatment of patients treated outside the country. The project is a high priority in the second National Health Sector Strategic Plan (2014-2018), which aims to provide full health coverage to all inhabitants of the Kingdom of Swaziland.

6) The Republic of Zambia:

BADEA signed a loan of US $ 10 million, to Zambia to help finance the construction of cancer treatment centers project. 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 to support the government's policy of expanding and upgrading the health service umbrella and meeting basic needs to improve the health conditions of citizens. In particular, the project aims at providing treatment for cancer patients, reducing the time of transmission and waiting for treatment, reducing the financial burden on patients and the hardship of their travel to receive treatment in the capital, Lusaka, or outside the country.

Line Credit for financing private sector projects in Mali:

BADEA has also signed with Solidarity Bank of Mali, a Line of Credit amounting to US $ 15 million which is earmarked to contribute towards financing private sector projects in Mali.

The purpose of the line of Credit is to contribute to the development of the private sector in the Republic of Mali by raising the Bank's financial capacities, to enable private sector institutions to have access to sources of financing and to reinforcing production, job creation, reduction of unemployment, improvement of the living conditions of the population and reduction of poverty.

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:

•       Lesotho: H.E. Dr. Moeketsi Majoro, Minister of Finance

•       Senegal:  H.E. Mr. Amadou Bâ, Minister of Economy, of Finance and Planning -  Senegal;

•       Guinea Bissau:  H.E. Mr. João Alage Mamadu FADIA, Minister of State, Minister of Economy & Finance

•       Guinea: H.E. Mrs. Kanny Diallo, Minister of Planning & International Cooperation;

•       Swaziland: H.E. Mrs. Martin Gobizandla DLAMINI, Minister of Finance

•       Zambia: H.E. Mr. Felix C. Mutati, Minister of Finance;

For the Line of Credit agreement, H.E. Dr. Sidi Ould TAH, signed the agreement on behalf of BADEA while H.E. Mr. Babaly BA, General Manager of the Malian Bank of Solidarity signed for his Bank.

The total BADEA’s commitments for the 44 African beneficiary countries during the period March 1975 to September 2017, stands at US$ 5312,173 million, to finance projects in public/private sectors, External Trade Finance program and technical assistance operations in addition to funds allocated through Heavily Indebted Poor Countries Initiative (HIPC).                            

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