Financial and Banking News
BADEA Lends $4mn for Senegal's Rural Electricity Network
The Arab Bank for Economic Development in Africa (BADEA) has extended a $4mn loan to Senegal to co-finance an electricity project for the country's rural areas. The loan is repayable in 16 years, including a five-year grace period, and carries an annual interest rate of 6%. This loan brings total Arab aid to Senegal since 1973 to $791.5mn.