The Arab Bank for Economic Development in Africa (BADEA) signed in Addis Ababa, a loan agreement for US$ 10 million, for the benefit of the Republic of Malawi to finance “Karonga Town Water Supply” project.
The ceremony of the signature took place in Addis Ababa, Ethiopia, Friday 23 November 2018, on the sidelines of the “First Arab-Africa Trade Promotion Forum” held on 22 and 23 November 2018.
The Karonga Town Water Supply aims to provide potable water to all citizens and communities in urban and rural areas in Karonga Town. The work of developing, rehabilitating and repairing of the system of Karonga Town will lead to a decrease the water losses from 33% to 25% in 2035.
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. Chimango Edward Chirwa, Malawi Ambassador to Ethiopia and Representative to African Union signed on behalf of the Republic of Malawi.
It is worth mentioning that, by the end of June 2018, BADEA’s total financial commitments to the Republic of Malawi reached US $ 112.5 million, while the total commitments of the Arab National and Regional Development Finance Institutions stood at US $ 356 million till June 2018.
It is worth noting that BADEA’s total cumulative financial commitments to 44 Sub-Sahara African countries stand at US$ 6202.488 million, until end of September 2018.
Original source: BADEA
Published on 25 November 2018
