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Madagascar : The Republic of Madagascar and BADEA sign a loan agreement worth US $ 11 million

August 28, 2014

In a ceremony held during the official visit of H.E. Abdelaziz KHELEF, Director General of BADEA to the Republic of Madagascar, on Friday the 22nd of August 2014, a loan agreement was signed between the Republic of Madagascar and the Arab Bank for Economic Development in Africa (BADEA). By virtue of this agreement BADEA extends to Madagascar a loan of US $ 11 million to help finance the Rehabilitation of "Faratsiho-Sambania" road project.

The loan has been signed on behalf of BADEA by H. E. Abdelaziz KHELEF, Director General and on behalf of Madagascar by H.E. Pr Jean RAZAFINDRAVONONA, Minister of Finance and Budget.

The Project aims at improving traffic efficiency and reduces the cost of transport in the central part of the country, which is famous of its livestock and agricultural production. This fact contributes to the development of economic and commercial activities in the country. The project aims at lifting isolation for villages along sides of the road and facilitates access to health, education and administrative centres ; in addition to participate in the economic and social development of the region and poverty alleviation.

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

Including this new loan, the total commitments of BADEA to the Madagascar will amount to US $ 124.8 million.

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Source: TendersInfo (India)

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