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Add to Preferred SourcesThe Arab Bank for Economic Development in Africa (BADEA), has signed on 26 November 2018 in Bujumbura, a loan agreement totaling US $ 15 million, for the benefit of the Republic of Burundi to finance the rehabilitation and expansion of “Romongi-Nyanzalak” Road project.
The project aims to contribute to the development of regional cooperation and open access to the sea for both Burundi and Rwanda, to intensify trade between neighboring countries and to help integrate their economies, thus contributing to poverty alleviation.
The project also aims to facilitate the movement of goods and passengers to the southern region of Burundi, reduce the cost of transport, remove the isolation of villages along the road and contribute to economic and social development in the region, facilitate to the access of agricultural and fish products known to the project area to transfer centers and common markets with neighboring countries, developing tourism and fishing at Lake Tanganyika.
The agreement was signed by H.E. Eng. Yousif Ibrahim Al Bassam, Chairman of the Board of Directors on behalf of BADEA, while H.E. Dr. Domitien NDIHOKUBWAYO, Minister of Finance, Budget & Cooperation for Economic Development, signed on behalf of the Republic of Burundi.
It is worth mentioning that BADEA’s total financial commitments to the Republic of Burundi including this loan reached US $ 110 million to finance 21 development operations, including 13 projects and 8 technical assistance operations.
Original source: BADEA
Published on 26 November 2018