Arab League Bank Extends 20 Million Dollars 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 totaling some 20 million dollars to help finance development projects.
Press releases received by AFP Friday said BADEA Thursday signed with Kenya two loan agreements totaling 13.55 million dollars for the rehabilitation of a hospital and financing a road project, in addition to a 6.4 million dollar loan agreement with Seychelles to help finance a training center.
The 4.8 million dollar 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 dollar 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 ambassador 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 Organization of African Unity (OAU), excluding Arab League member states -- KHARTOUM (AFP)
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