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Modification of the method of calculating the interest rate for financing agreements at the African Development Bank
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The Cabinet approved the draft presidential decree on the framework amendment agreement for the African Development Bank to abandon the use of LIBOR as a reference interest rate and replace it with SOFR, to calculate the interest rate for development financing agreements, in accordance with what other international financing banks have adopted. It is noteworthy that the African Development Bank is a multilateral regional development bank that ai…
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