BADEA Projects in Africa not Deterred by International Financial Fluctuations: Director General Stresses
26 August, 2015KHARTOUM (SUDANOW) - The Arab Bank for Economic Development in Africa (BADEA) has belittled the current financial turmoil in Asia and its impact on the rest of the world, saying it would not affect the operations or funding of the bank in Africa.
BADEA Director General Dr. Sidi Ould Tah told a press briefing at the headquarters of the Bank in Khartoum on Tuesday that on the contrary the bank has doubled its capital for development projects in non-Arab African countries to the tune of 1.6 billion US dollars for the 7-year plan (2015 -2019) which was approved by the Board of Governors in its 39th session, convened in Tunis, in April 2014.
He stressed that the bank, through its rational management of its assets was able to accumulate a reasonable reserve from which it contributed to the provision of the increase in the capital from 1 billion (for the Sixth Five-Year Plan 2010 – 2014) to 1.6 billion dollars.
"Our financial situation is indeed very good… and we continue funding our projects in west Africa and other area according to the specific plans put to this effect" the BADEA director General , speaking in Arabic, said.
A release issued by the bank said the commitments for the first year of the Plan amounts to US$ 250 million and increase annually to reach US$ 350 million by 2019.
It added that within this plan, a total amount of US$ 1100 million will be earmarked for public sector projects, US$ 450 million for private sector and US$ 50 million for technical assistance operations.
Furthermore, an amount ranging between US$ 150 and 250 million will be assigned annually throughout the plans’ years to finance trade between Arab and African countries.
The Seventh Five-Year Plan (2015 -2019) has been implemented pursuant to the Board of Governors’ resolution number (4), in 2013, which increased BADEA's capital by 50% (US$ 1,400 million), to reach US$ 4,200 million.
It detailed that benefiting from a long experience and know-how, BADEA will continue its efforts to strengthen its role, diversify its interventions and improve the quality of its operations, through financing projects in both public and private sectors and providing technical assistance to African countries with the objective of building their human and institutional capacities.
"BADEA will, as well, finance Arab exports from Arab countries to African countries with a view of promoting trade between the two regions. BADEA will try to maintain a widespread presence throughout the Sub-Saharan African countries with the objective of enhancing the Afro-Arab cooperation." It concluded.
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