Arab Bank approves US$30 million for development projects in Africa

Rabat- Morocco (PANA) -- The board of directors of the Arab Bank for Economic Development in Africa (BADEA), has approved the funding of several development projects estimated at 30.
58 million US dollars in six Africa countries.
A statement after the board's meeting Thursday in Marrakech, 250-km south of Rabat, named the beneficiary countries as Burkina Faso, Kenya, Guinea, DR Congo, Rwanda and Chad.
The projects would support farming, road construction, reinforcement of infrastructure, opening up of rural areas, and the fight against locusts in the Sahel.
The meeting attended by BADEA Director General Sam Lotfi examined the institution's activities and achievements for the July-September period, and financial reports for the second quarter of this year.
The board also examined the progress report on many BADEA-sponsored development projects.
The Khartoum-based BADEA started operation in 1995.
Between its inception and 2003, its board had approved funds for 335 development projects and 25 loans to the private sector, amounting to 2,485.
429 million US dollars.
Some 43 Sub-Saharan African countries have received assistance from the Bank.

01 october 2004 19:52:00




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