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Sao Tome and Principe : SAO TOME AND PRINCIPE takes on loan from ARAB BANK

September 4, 2014

The government of Sao Tome and Principe has taken on a loan of US$7.5 million from the Arab Bank for Economic Development in Africa (BADEA).

The loan is aimed to finance the construction of the drinking water supply network. The BADEA loan is scheduled to be repaid over 30 years. It has a grace period of ten years and an interest rate of 1 percent.

The loan agreement has been signed by the Sao Tome Minister for Planning and Finance, HÉlio de Almeida, and the Director-General of BADEA, Habdelaziz Kelef. BADEA s financial support for Sao Tome and Principe totals US$42 million to date.

Construction work is aimed to improve access to drinking water in the city of Santana and the community in the centre of Água IzÉ as well as to obtain the needs of the current and future population until 2030.

During his visit to Sao Tome and Principe, Kelef met with the ministers for Planning and Finance, HÉlio Almeida, and Public Works, Infrastructure and Natural Resources, Fernando Maquengo and is set to be received by Prime Minister Gabriel Costa, before leaving the country Wednesday.

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Source: TendersInfo (India)

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