The Arab Bank for Economic Development in Africa (BADEA), a landmark of economic, financial and technical cooperation between the Arab and African regions
13 August, 2012
Khartoum, (sudanow.info.sd) -The Arab Bank for Economic Development in Africa (BADEA) is a financial institution funded by the member states of the Arab League, the signatories of the founding agreement of February 18, 1974.
An independent international institution enjoys a full international legal personality and full administrative and financial independence. It is subject to the provisions of its founding agreement and to the principles of the international law.
BADEA grants top priority to projects of agriculture and rural development for providing food to achieve food security
Abdelaziz Khelef, Director General of the Arab Bank for Economic Development in Africa (BADEA) said the establishment of the Bank was made for supporting the economic, financial and technical cooperation between the Arab and African regions and for embodiment of the Afro-Arab solidarity, cementing the cooperation project on the principles of equality and friendship.
In order to achieve those goals, the Bank was entrusted to contribute to financing development in non-Arab African countries, participation of the Arab capitals in the African development and contribution to the provision of technical assistance required for development in Africa. BADEA grants a great priority to agriculture and rural development projects for providing food to achieve food security.
BADEA Studies Section also contributed to providing a stock of information that help the Bank in planning its operations, drawing up its plans and briefing the concerned BADEA departments on the process of development in Africa and investments placed therein. The Section prepares general or specific studies, especially those falling in the framework of BADEA concerns in a way that agrees with BADEA general policies, aims, and serves the goals for which it was established
Abdelaziz KHELEF, Director General of the Arab Bank for Economic Development in Africa (BADEA) coordinates closely and continually with other development partners with other development partners for optimum benefit from their resources and for enhancing the assistance efficiency.
The Bank also closely cooperates with the strategic partners, including bilateral- and multiple-party development agencies, like the World Bank, with an eye to achieving the set goals of providing the assistance and contributing to raising the people’s living standards and achieving food security by providing food to them.
These goals also include improvement of the people’s health standards by proving medical treatment and other essential service, spreading education and literacy, fighting poverty, encouraging women for effective participation in the economic and social development, achieving developed and sustainable human development, providing opportunities of employment,
Increasing per capita incomes and elevating the living standards.
BADEA partners consist of the Arab Aid which include eight independent Arab financing institutions, the Arab Gulf Programme for supporting the UN development agencies, the Arab Monetary Fund, the Arab Fund for Economic and Social Development, the Islamic Development Bank, OPEC Fund for International Development, Abu Dhabi Fund for Development, the Kuwaiti Fund for Economic Development and the Saudi Arabian Development Fund.
BADEA Financing Principles
As regards the financing principles applied by BADEA, Khelef said the projects financed by the Bank are of a priority to the host countries and are in the framework of their development plans. In some cases, according to the General Manager, those projects are regional simultaneously benefitting a number of African countries and contributing to integration of their economies.
BADEA contribution to any project can reach 60% of the project’s total cost, provided that this contribution will not exceed 18 million dollars, Khelef said, adding that the credit could reach a maximum 90% of the total cost in case of the project the cost of which does not exceed 15 million dollars. He said a benefitting country might be offered more than one credit in one year, if the offered credits do not exceed a total 18 million dollars.
The Bank offers assistance in the form of grants that are not repaid, the General Manager said. BADEA also finances Arab exports to the beneficiary African countries against the Bank’s technical assistance, he added.
Khelef, Director General of the Arab Bank for Economic Development in Africa (BADEA) said BADEA Board of Directors, during its first 2012 session that was held in Abidjan, Cote d’ivoire, approved a new financing batch for 15 African countries benefitting from its assistance with a total 82.855 million dollars of 80.600 million dollars appropriated for financing 10 development projects and 2.255 million dollars appropriated for financing nine technical assistance operations.
The projects financed by the Bank are considered of priority to the host countries and are in the framework of their development plans. In some case, those projects are regional simultaneously benefitting a number of African countries and contributing to integration of their economies.
The total BADEA financing for the African countries benefitting from its assistance reached about 4,284,417 million dollars by the end of June 2012.
Khelef said BADEA operations spread widely to cover 43 South of the Sahara African countries benefitting from its assistance, in addition of a number of regional organizations. Its financing was so diversified that included sectors of infrastructure, agriculture –both fauna and flora, including rural development, electricity, rural water and roads, in addition to the sectors of energy, industry, the social sector (health and education) and the private sector, including credit loans.
The General Manager said by the end of June 2012, BADEA financing to African countries reached around 4,284,417 million dollars.
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