ICEC

Arab Bank Lends Togo US$10 Mln for Transport Project

Togo signed a $10 million loan with the Arab Bank for Economic Development in Africa, at the sidelines of the meeting of the Islamic Development Bank (IDB), to be used in the financing of the Kpalime’ -Atakpame road Project (lot Adagali – Atakpame).

The loan will be reimbursed over a period of 30 years, and includes a grace period of 10 years and an annual interest rate of 10 percent, the bank said in a statement today.

The Loan agreement was signed by Director General of the BADEA, Abdel Aziz Khalaf, and Togolese Minister of Economy and Finance, Adjii Oteth Ayassor, SUNA reported.

The bank said its total loans to Togo reached $55.3 million at the end of March.

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