Govt releases 9.5 bn FCFA to finance Lake Chad project

Government will soon finalize the African Development Fund (ADF) concessional rate loan instrument of the ADB loan agreement for 9.4 billion FCFA.

According to a presidential decree issued by government to authorise the Minister of Economy to sign the loan agreement, the funds will be used for the partial financing of the improvement and socio-ecological system residence reinforcement programme for the Lake Chad basin (PRESIBALT in French).

The 3rd largest freshwater reserve in the world, Lake Chad has diminished by 80% in the last 40 years and is now in crisis.