Arab Bank For Economic Development Signs 6 Loan Contracts Worth US$54.1 Mln

The Arab Bank for Economic Development in Africa signed six loan agreements worth US$ 54.1 million with Togo, Ghana, Guinea, Kenya, Niger and Uganda, on the sidelines of the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group in Tokyo, Japan.

Such loans will be used to finance developmental projects in these African countries. Such agreements came as part of the bank’s strategy that aims at achieving economic and social development through improving living standards, healthcare services and reducing poverty.

The bank signed US$ 9 million loan agreements with Togo to finance land reclamation project. Ghana also signed a loan agreement with the bank to receive US$ 8.60 million loan to finance the Integrated Rural Development Program. Kenya inked a loan agreement over US$ 10 million finance that will contribute to financing a hospital in Rongai. The bank will offer US$ 5 million loan to Niger to finance the establishment of Gore – Guajira road in Niger. Uganda also secured US$ 12 million from the bank to finance Masaka- Kakata road in Uganda.

Such loans will be repaid over 30 years; of which a grace period of 10 years.  The loans have annual interest rate of 1%.