BADEA renews tenure of DG for three years (Updated)

Dakar, Senegal (PANA) - The Board of Governors of the Arab Bank for Economic Development in Africa (BADEA) has renewed the tenure of the Bank's Director General, Mr. Abdelaziz Khelef, for three years.

According to a statement made available to PANA by the Bank Wednesday, the decision was taken at the Bank's 37th Annual Meeting in Marrakech, Morocco, 17-18 April, within the framework of Joint-Annual Meetings of Arab Financial Institutions.

Mr. Khelef, from Algeria, assumed duties as Director General of BADEA on 1 July in 2006. His three-year tenure is renewable twice.

Prior to his current assignment, the BADEA boss had occupied many important positions in the Algerian government, including as Minister of Commerce, Minister of Finance, State Secretary in Charge of Maghreb Affairs, Ambassador to Tunisia and General Secretary of the Presidency.

The board also approved the Bank’s financial statement and its revenues and expenditures for the year ending 31 December 2011, as well as its Annual Report.

In some of the other decisions, the board approved the transfer of the net income realized for the year 2011, amounting to US$122.08 million, to BADEA's reserve, and approved the appointment of an External Auditor for the Financial Year 2012.

It also approved the appointing the Governor of the Hashemite Kingdom of Jordan as the Chairman of BADEA's Board of Governors for its 38th Annual Meeting, while the Governor of the United Arab Emirates will serve as his Deputy.
-0- PANA SEG 18April2012

18 april 2012 11:19:36

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