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Arab Bank provides development loans

    ABIDJAN

    The Arab Bank for Economic Development in Africa has offered loans to three West African countries for development projects, PANA reported.

    The bank offered Guinea US $13.4 million for its Tombo-Gbessia road project and the provision of potable water to seven rural towns. Burkina Faso is slated to receive US $10 million for the Ouagadougou-Leo-Ghana border road. Cote d'Ivoire will get US $7.7 million for the development of agricultural land in the region of Bagoue.

    The loans are repayable in 18 years with interest rates ranging between 2 percent and 3 percent, after a five-year grace period.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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