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HomeAfricaBADEA, Egypt sign US$10m financing pact

BADEA, Egypt sign US$10m financing pact

The Arab Bank for Economic Development in Africa (BADEA) and the Government of Egypt Monday in Cairo signed a US$10 million Line of Financing pact for the country to finance Arab Exports to Sub-Saharan African countries.

The agreement was signed on behalf of BADEA by its Director-General, Mr. Abdelaziz Khelef, while Mr. Sherif Mohamed Alawi, Vice Chairman of the Board of Directors, signed on behalf of the National Bank of Egypt.

BADEA said in statement sent to PANA Monday that the pact was signed in view of the importance of trade in reinforcing the integration of Arab and African economies, in addition to the importance given to trade in promoting Afro-Arab cooperation and integration.

BADEA’s total commitments to Exports Financing Scheme (BEFS) amount to US$327 million as at the end of 2012.


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