Arab bank lends US$9 million to Mozambique to build hospital

5 April 2012

The Arab Bank for Economic Development of Africa (BADEA) has provided Mozambique with a US$9 million loan to fund the project to build and equip a general hospital in Nampula, the bank said in a statement issued in Khartoum.

The loan is repayable over 30 years, with a grace period of 10 years and an annual interest rate of 1 percent, the statement said.

The loan agreement was signed Monday in Khartoum, Sudan, on the sidelines of the annual meeting of the Islamic Development Bank, by the director-general of BADEA, Abdelaziz Khelele, and by the Mozambican Finance Minister, Manuel Chang.

According to the BADEA statement, the project for construction of a general hospital in Nampula is part of the Mozambican government’s policy to expand and modernise health services.

This loan increases BADEA’s total loans to Mozambique to US$229.815 million covering 27 projects and 15 technical assistance operations, the bank said. (macauhub)