The Arab Bank for Economic Development in Africa (BADEA) and the Burundian government on Sunday evening signed a 10 million US dollars loan to finance the rehabilitation of the livestock sector.
The agreement was signed in the town of Gitega, 102 km east of the Burundian capital Bujumbura, by Burundian Finance and Economic Development Planning Minister Tabu Abdallah Manirakiza and BADEA Director General KHELEF Abdelaziz.
"The BADEA has granted a loan to rehabilitate the livestock sector as it was struck by the decade-long political crisis. The loan is worth 10 million U.S. dollars, that is, about 16 billion Burundi francs and will be reimbursed within 30 years, with a grace period of 10 years," said Manirakiza after the signing of the agreement.
The loan interest is 1 percent, he said, adding that the loan has been given in the context of the country's program to fight against poverty within the Poverty Reduction Strategy Paper Phase Two (PRSPII).
"The Arab Bank for Economic Development in Africa (BADEA) has supported Burundi in many development projects like the construction of the road linking Bubanza to Ndora. This loan agreement targets the rehabilitation of livestock infrastructures, " said Manirakiza.
The Burundian finance and economic development planning minister thanked BADEA for the loan, hoping for more cooperation with the bank.
Abdelaziz said the loan has been given within the "South-South cooperation to cement the Afro-Arab solidarity."