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NAIROBI, March 25, 2008 (AFP) - The African Development Bank on Tuesday loaned Madagascar almost 15 million dollars (9.6 million euros) to finance an irrigation project in the impoverished nation, the bank said.

AfDB Vice President for Sector Operations Zeinab El-Bakri and Madagascar's Finance and Budget Minister Haja Nirina Razafinjatovo signed agreements for a 14.82 million dollar loan and a 480,000 dollar grant.

The support will cover 82 percent of the cost of the entire project, which will benefit about 48,000 people, the bank said in a statement.

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