The Arab Bank for Economic Development in Africa (BADEA), signed on Friday 12 October 2018, THREE loan agreements with the Republics of: Guinea, Mozambique, and Chad. The agreements were signed on the sidelines of joint meetings of the International Monetary Fund and the World Bank, that took place in Nusa Dua, Bali, Indonesia, during the period 08-14 October 2018.
The three loans extended through those agreements totaling US$ 47 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 Republic of Guinea:
The Republic of Guinea received a Loan of US $ 15 million, to help finance Family Agriculture Project in Upper Guinea and Central Guinea project.
The project generally aims at contributing to food security and improving the living conditions of the population of the project areas. In particular; it aims to contribute to improving agricultural production, improving farmers' incomes and increasing the number of households that rely on modern technologies in agricultural production to cope with climate change and raise the quantities of crops to be marketed.
2) The Republic of Mozambique:
BADEA extended a loan of US $ 20 million, to Senegal to help finance " the Construction of the fishing port in the city of "Angoch".
The project is part of the State Strategy to developing the fishing sector through the operation of a fishing port to receive traditional and industrial fishing boats in the project area, improving the efficiency of fish handling and processing according to international standards, increasing the return from fish stocks, improving balance of payments, and creating new jobs in addition to achieving poverty reduction and food security.
3) The Republic of Chad:
BADEA has signed with Chad a loan agreement amounting to US $ 12 million to finance Local Development in “Tandjile”.
The project is to achieve food security, poverty eradication, improvement in the standard of living, especially among the poorest in the society including women and children. The goals of the project are to restore 400 hectares of land, establish 6 cultural and sports centers, establish 10 rural groups for the provision of drinking and pastoral water and providing 8 stations to produce solar energy with 500 kilowatts per station.
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:
• Guinea: H.E. Mrs. Kanny Diallo, Minister of Planning & International Cooperation;
• Mozambique: H.E. Dr. Adriano Afonso Maleiane, Minister of Economy and Finance;
• Zambia: H.E. Dr. Issa DOUBRAGNE, Minister of Economy and Development Planning.
It is worth noting that the total BADEA’s commitments for the 44 African beneficiary countries during the period March 1975 to September 2018, stands at US $ 6203,108 million, to finance projects in the public/private sectors, External Trade Finance program and Technical Assistance Pperations, in addition to funds allocated through Heavily Indebted Poor Countries Initiative (HIPC).