31.9 C
Saturday 19 June 2021
HomeNewsBADEA’s board approves US$60m for African development projects

BADEA’s board approves US$60m for African development projects

The board of directors of the Arab Bank for Economic Development in Africa (BADEA) has rounded off its 3rd session for the year in Khartoum, Sudan, where it approved a total of US$59.680 million to finance seven seven projects as well as 13 technical assistance operations.

The latest approval meant BADEA has approved funds for 546 development projects, 556 technical assistance operations, 41 loans for the private sector and 14 special operations (in the context of Emergency Aid Programme targeted at several African countries effected by drought and desertification).

BADEA is an independent international Institution established by 18 Arab States in February 1974 for the purpose of strengthening the African-Arab cooperation and linkages.

Its operations are exclusively for the benefit of the African countries which are non-members of the League of Arab States, and include all 43 sub-Saharan African states, in addition to a number of regional organisations.

The projects selected by BADEA are those that are technically, economically and environmentally viable.

During the meeting which started 3 Oct., the BADEA board reviewed many important issues, including the Director General’s report on the Bank’s activities during the period July-September 2012, in addition to a number of financial reports. 


Please enter your comment!
Please enter your name here

- Advertisement -