Financial and Banking News
BADEA Lends $9mn to Ghana
The Arab Bank for Economic Development in Africa (BADEA) is lending $9mn to Ghana under the terms of a loan agreement signed in Khartoum last week. The loan is to be repaid in 12 years, including three years grace and carries an annual interest rate of 7%. It is to finance the restoration of two timber mills in the west of the country, African Timber and Plywood Ltd. and Gliksten Ghana Ltd.