President to ratify the loan agreement with the Islamic Bank

The bill supported by the National Assembly allows the President of the Union of the Comoros to approve the loan agreement concluded with the Islamic Development Bank (IsDB).

This document was approved by the deputies during the plenary session, marking a crucial step for the project’s commencement. Ibrahim Mohamed Abdourazak, the Minister of Finance, defended the adoption of the project. He stated that the inter-island connection project promotes the restoration of Mwali port and establishment of three small ports : Howani Port in Mwali, Vasi Port in Anjouan, and Uropveni Port in Ngazidja.

The Minister specified the terms of the loan, amounting to 15 million USD, repayable over 25 years, including a 7-year borrowing period and an interest rate set at 1.5 %. According to him, this agreement is essential to enable Comorians to travel between the islands and resolve issues that have persisted for several decades. The rapporteur of the Foreign Affairs Committee, Deputy Adnani Mouhamadi, also emphasized how crucial this project is for the daily life of Comorians.

« The state must implement this program, including the acquisition of boats and the renewal of port facilities, to optimize mobility between the islands », he stated during the presentation of the report. This funding will therefore allow the government to meet citizens’ expectations and lay the foundations for more effective connectivity of the archipelago’s islands.