Rabat- Morocco (PANA) -- The Arab Bank for Economic Development in Africa (BADEA) has approved the funding of new development projects for several African countries at a total cost of US$38.
The approval was made at the end of a meeting of the BADEA Board of Directors Friday in the Moroccan city of Marrakech, according to a statement issued by the bank Saturday in Rabat.
5 million of the amount will be used to finance six development projects and another US$2.
805 million to fund 11 technical assistance operations.
Since its establishment, the BADEA has funded projects in African countries to the tune of US$3, 354.
More than 43 African countries and regional organisations are benefitting from the BADEA funds, which are intended for the implementation of projects on infrastructures, agriculture, rural development, health, education, energy and mining.
Established in November 1973 in Algiers, the Khartoum-based BADEA started operations in March 1975.
It seeks, among others, to help finance economic development in non Arab African countries, encourage the participation of Arab nations in Africa's economic development and to provide the technical assistance necessary to develop the continent.