Arab Bank For Economic Development Lends Mauritius, Zambia US$ 17.40 Mln

Arab Bank for Economic Development in Africa will sign two agreements next Monday to lend Mauritius and Zambia US$ 17.40 million.

The bank revealed in a statement today that such loans will contribute to financing developmental projects, as part of the bank’s financing policy which aims at achieving economic and social development, improving health and living standards and alleviating poverty.

The bank will lend Mauritius US$ 12 million to finance the upgrading of road “Providence-Flacq”. The loan will be repaid over a period of 30 years with a grace period of 10 years and annual interest rate of 1%. After receiving the loan, the total value of finances offered by the bank to Mauritius will reach US$ 128 million.

The project aims at developing and expanding the road network that has been built over the past decades in the country, and aims to improve the efficiency of cargo and passenger transportation and traffic safety and reduce the time and cost of transportation. The project also targets to contribute to the development of productive activities, tourism and trade and facilitate access to service facilities.

The bank will offer US$ 5.40 million loan to Zambia in order to finance the construction of “Sesheke” University College for Mathematics and Science. The loan will be repaid over a period of 30 years with a grace period of 10 years and annual interest rate of 1%.

The project aims at increasing high education opportunities to participate in increasing the number of teachers holding B.Scs in the fields of mathematics and sciences to meet the growing need for the secondary school stage teachers in these two subjects. The project targets to achieve Zambia’s goals to make the country one of the middle-income countries by 2030.

After receiving the loan, the total value of finances offered by the bank to Zambia will reach US$ 116 million.