Khartoum, Sudan (PANA) - The Board of Directors of the Arab Bank for Economic Development in Africa (BADEA) has approved US$94.385 million to finance new projects in 16 African countries.
The approval was made at a meeting of the Board in Jeddah, Saudi Arabia, 9-11 March, the Bank said in a statement made available to PANA here Monday.
Out of the total sum of money that was approved, US$91.700 million was allocated to finance 11 development projects, while US$2.685 million was earmarked for financing 10 technical assistance operations.
The board meeting was chaired by Yousif Bin Ibrahim Al Bassam, Chairman of BADEA’s Board of Directors, and attended by BADEA Director-General Abdelaziz Khelef, among others.
The meeting considered the Director General’s report on the Bank’s activities during the period January-February 2011, in addition to a number of financial reports.
The Board of Directors also reviewed BADEA’s Annual Report for the Year 2010 and the Auditors’ Financial Report for the same year.
The Board also discussed the preparations for the 36th meeting of the Bank's Board of Governors, due to be held in Damascus, Syria, 6-7 April 2011.
-0- PANA PR/SEG 28March2011