The Board of Directors of the Arab Bank for Economic Development in Africa (BADEA) has approved new projects worth US$49.964 million for the benefit of many African countries.
PANA reports from here Thursday that the board made the approvals at its ongoing third meeting of the year in Khartoum, Sudan.
Of the total cost of the projects, US$47.90 million was allocated to financing six development projects while US$2.064 million was earmarked for seven technical assistance operations.
BADEA’s total cumulative financial commitments to African countries eligible for its aid, including the new commitments, now stand at US$4741.001 million.
BADEA is an independent International Institution established by 18 Arab States in February 1974 to strengthen African-Arab cooperation.
Its operations are exclusively for the benefit of African countries that are not members of the League of Arab States and include all 44 sub-Saharan African states, in addition to a number of regional organisations.