Arab League bank extends $20 million in loans to Kenya, Seychelles
The Khartoum-based Arab Bank for Economic Development in Africa (BADEA) said Friday it has extended Kenya and Seychelles loans totalling some $20 million to help finance development projects.
Press releases received by AFP Friday said BADEA Thursday signed with Kenya two loan agreements totalling $13.55 million for the rehabilitation of a hospital and financing a road project, in addition to a $6.4 million loan agreement with Seychelles to help finance a training centre.
The $4.8 million loan to rehabilitate Kenya's Embu Provincial General Hospital will be repaid over 28 years, including a grace period of five years at an annual interest rate of 2 percent, while the $8.75 million road construction loan will be refunded over 18 years, including a four-year grace period, at an annual interest rate of 3 percent.
The Seychelles loan will be repaid over 24 years, including a four-year grace period, at an annual interest rate of 2 percent.
BADEA Board Chairman Ahmed Abdallah al-Akeil signed for the bank while Kenyan ambasador to Khartoum Edward Bwisa and Seychelles Foreign Minister Jeremie Bonnelame signed for their respective countries.
The bank, founded in 1973 by the 22-member Arab League, provides loans and grants to African countries belonging to the Organisation of African Unity (OAU), excluding Arab League member states.— (AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)