The Board of Directors of the Arab Bank for Economic Development in Africa (BADEA) has approved financing for new development projects totalling US$53.22 million.
PANA quotes a statement from the bank as saying that US$50.50 million of the amount would be used to finance six projects, while US$2.72 million was earmarked for ten technical assistance operations.
The approval was made at BADEA’s 2nd meeting for the year 2013 in Dar es Salaam, Tanzania, 19-21 June.
The meeting was attended by the board’s chairman, Yousif Bin Ibrahim Al Bassam, and its Director-General, Mr. Abedlaziz Khelef, among others.
The Khartoum, Sudan-based BADEA, a financial institution owned by 18 Arab members states of the League of Arab States (LAS), began operations in March 1975
It was created for the purpose of strengthening economic, financial and technical cooperation between the Arab and African regions and for the embodiment of Arab-African solidarity on foundations of equality and friendship.