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KHARTOUM / WAM
Since it began operations in March 1975, the Arab Bank for Economic Development of Africa (Badea) provided over $5.8 billion in development finance for sub-Saharan African countries, according to a statement on its website.
At the end of March, after just over 13 years of operations, BADEA had made commitments of $5,824.77 million, covering finance for 653 development projects and 749 agreements for technical operations, it said.
BADEA was formally established in February 1974, with its headquarters in the Sudanese capital, Khartoum, under the terms of an agreement signed by 18 members of the Arab League, including the United Arab Emirates. Its initial capital
of $231 million has subsequently been increased to a total of $4.2 billion.
The announcement was made ahead of the 43rd meeting of the BADEA Board of Governors, which takes place on April 10 and 11 , in Jordan, within the framework of the Joint Annual Meetings of Arab Financial Institutions.
Besides BADEA, the meetings will be attended by the Arab Fund for Economic and Social Development, the Arab Investment and Export Credit Guarantee Corporation, the Arab Monetary Fund and the Arab Authority for Investment and Agricultural Development.