Arab Development Bank grants loans to Ethiopia

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Addis Ababa, 29 April 2014 (WIC) – The Arab Bank for Economic Development in Africa (BADEA) has given loans worth 10 million dollars to Ethiopia.

Ethiopia would use its loan to help finance the Construction of the “Arba Rakate-Gelemso-Micheta” Road Project.

Report says the project is aimed at developing the national roads network, especially to service agricultural areas and improve trade activities.

The latest loan has raised BADEA’s total commitments to Ethiopia to 165.23 million dollars.

The bank also extended eight million loans to Benin which would help finance the construction and equipping of the Graduate School for Technical Education in Lokossa.

The project is to improve the technical education capacity, reduce the shortage of technical teachers and help to meet the skilled man power need in the production sector of the country, thus contributing to its socio-economic development.

The loan is also repayable in 30 years, with a grace period of 10 years and an annual interest rate of one per cent.

However, this loan has taken BADEA’s total commitments to Benin to 157.705 million dollars. (PANA/NAN).