BADEA Signs Loan Agreement With Zimbabwe
22 October, 2014Khartoum (Sudanow) The Arab Bank for Economic Development in Africa (BADEA) has signed today a loan agreement with the Republic of Zimbabwe amounting to US$3 million to contribute towards financing a line of credit to the Small and Medium Scale Enterprises Development Corporation (SMEDCO).
The loan is intended to enhance cooperation between BADEA and the Republic of Zimbabwe within the framework of Afro-Arab Cooperation.
BADEA’s total financing to Zimbabwe, including this loan, reached US$133.315 million while the total commitments of the Arab national and regional development finance institutions exceeded US$ 219.27 million by end of 2013.
The agreement was signed at the Bank’s headquarters by Director General Abd al-Aziz Khelef and the Zimbabwean Minister of Finance and Economic Development Patrick Anthony Chinamasa.
The objective of the line of credit is to assist the Government of Zimbabwe I its efforts for achieving socio-economic development through providing fund to strengthen the capacity of the SMEDCO, thus contribute to enhancing utilization of natural and human resources, create employment opportunities and achieve poverty alleviation.
BADEA Director General said the signing of the agreement would symbolize the depth and strength of the ties between the Arab World and Africa demonstrating a successful model of South-South solidarity. “Through the course of our cooperation, and our involvement with all countries beneficiary of our assistance, BADEA has placed credit to the poor as an important pillar in its strategy for sub-Saharan Africa as a whole and Zimbabwe in particular in coordination with its Government and in response to its needs and strategic vision” he added
The loan period is 20 years, including a grace period of 5 years.
BADEA is a financial institution owned by 18 Arab countries member of the Arab League which signed its establishing agreement in 18th February 1974.
The Bank headquarters is located in the capital of Sudan, Khartoum. It was created for the purpose of strengthening economic, financial and technical cooperation between the Arab and African regions. BADEA’s contribution in financing a project could reach 60% of the project total cost, provided that this should not exceed US$ 20 million. When the total cost of the project does not exceed US$ 15 million, BADEA’s contribution in funding can reach a maximum of 90% of the total cost of the said project.
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