BADEA's Board of Governors end annual meeting in Jordan

Hashemite- Jordan (PANA) -- The Board of Governors of the Arab Bank for Economic Development in Africa (BADEA), at its 34th annual meeting in Dead Sea Resort, Ha s hemite Kingdom of Jordan, has renewed the appointment of Mr.
Abdelaziz Khelef as BADEA's Director General for another three Years.
The board, which met 15-16 April, adopted a number of other important resolution s, including the approval of the Bank’s Budget and its revenues and expenditures for the year ended 31 December 2008, in addition to the Board of Director’s Annu a l Report on the Bank’s activities for the same year.
The board also appointed an External Auditor for the Financial Year 2009.
Also appointed was the Governor of the Republic of Egypt as Chairman of BADEA's Board of Governors for its 35th Session and the Governor of the Kingdom of Moroc c o as his Deputy.
It allocated US$ 10 million to support development projects for the Palestinian People and approved the sixth five-year plan for the Utilization of BADEA Resour c es for the period 2010-2014 and to transfer US$ 600 million from the General Res e rves to augment the Paid-Up Capital of BADEA to reach US$ 2800 million.
The sixth five-year plan provides for the allocation of US$ 200 million for the benefit of non-Arab African countries during each year of the five years.
Of the amount, US$ 8 million will be allocated to technical assistance operation s (in the form of grants) during the same period.
The Board also reviewed a Study on the Promotion of Arab Investment in Africa to provide opportunities for investment in the light of the international economic crisis for the Arab Capital.

19 april 2009 10:52:00

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