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Madagascar : MADAGASCAR and BADEA in US$11m loan deal

August 26, 2014

The Republic of Madagascar and the Arab Bank for Economic Development in Africa (BADEA) have inked a loan deal for a road project in the African nation. The deal is worth US$11 million.

The deal was signed between BADEA boss Abdelaziz Khelef and the Malagasy Minister of Finance and Budget Jean Razafindravonona during a visit of Abdelaziz Khelef to the country.

Main objective of this road project is to improve traffic and reducing the cost of transport in the central part of the country, well known for its livestock and agricultural production.

The loan is to be repaid in 30 years, including a grace period of 10 years, and at an annual interest rate of 1%.

Following this loan, BADEA's total commitments to Madagascar amount to US$124.8 million.

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Source: TendersInfo (India)

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