The Arab Bank for Economic Development in Africa (BADEA) has granted Guinea-Bissau a loan of US$11 million for the construction of a power plant in Bissau, the government announced on Thursday.
The loan was signed in Washington by the Guinean minister of Finance, João Fadia during his participation in the Annual Meeting of the International Monetary Fund (IMF).
A statement from the Guinea-Bissau government also said that the minister had also been assured by the director-general of BADEA for the bank “to finance the agricultural sector in Guinea-Bissau, especially the production of rice.”
The power plant will cost a total of US$22.25 million and the Guinean government and a financial entity will fund the remaining sum of US$10.75 million. (macauhub)