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August 25, 2008

Arab Bank loans Niger $10 million for construction of dam

The Arab Bank for Economic Development in Africa (BADEA) and the Republic of Niger have signed a loan agreement for US$10 million to finance the first phase of the construction of Kandadji Dam in the country.

A statement from BADEA said the agreement was signed in Cairo, Egypt on 23 August, by the Director-General of the Bank, Mr. Abdelaziz Khelef, and the Nigerien Minister of Economy and Finance, Mr. Ali Mahaman Lamine Zeine.

The loan, which is repayable in 30 years (including a grace period of 10 years), has an annual interest rate of 1%.

The project aims at protecting the ecosystem of river Niger and ensuring availability of water supply throughout the year for irrigation of 2000 hectares of land in the first phase (to be increased to 31 thousand hectares by 2034) and for power generation.

The statement said the project would improve the food security and living standard of the people, thus helping to fight poverty.

With the loan, BADEA's total commitment to Niger up till June 2008 stands at US$77.402 million.

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