Guinea Bissau: Arab bank accepts payment of debt by 2022

22 November 2007

Bissau, Guinea Bissau, 22 Nov – The Arab Bank for Economic Development of Africa (BADEA) has authorized the extension of the repayment of a US$12 million debt by Guinea Bissau by 2022, the Guinea Bissau finance minister said Wednesday in Bissau.

According to Issuf Sanhá, who was speaking at a press conference, BEDEA accepted that Bissau could pay off its debt in 29 half yearly instalments until 2022.

However, Guinea Bissau would have to “give signs of goodwill” by paying US$150,000 by December of this year, the finance minister said, for who re-scaling the debt with BEDEA, “will bring big advantages for the country.”

For example, Guinea Bissau would have access to a new credit line from the Arab bank to finance programs in the agricultural, rebuilding of roads and micro-credit, Sanhá said.

Relations between BEDEA, which sent its director-general, Abdelaziz Khelef, to Bissau, go back to the 1970s, the Guinean finance minister noted. (macauhub)