Sudan: BADEA says current financial turmoil in Asia will not affect operations in Africa

Khartoum, Sudan (PANA) - The Arab Bank for Economic Development in Africa (BADEA) has "belittled" the current financial turmoil in Asia, saying the development will not impact negatively on the rest of the world, including its operations in Africa.

BADEA Director General Sidi Ould told a press briefing at the headquarters of the Bank in Khartoum on Tuesday that on the contrary, the bank has doubled its capital for development projects in non-Arab African countries to the tune of US$ 1.6 billion for the 7th five-year plan which was approved by the Board of Governors in its 39th session in Tunis in April 2014.

He stressed that the bank, through the rational management of its assets, was able to accumulate a reasonable reserve from which it increased its capital from US$ 1 billion to US$1.6 billion.

"Our financial situation is indeed very good… and we continue funding our projects in west Africa and other areas according to plan," Sidi Ould said.

The new capital base represents an increase of US$ 600 million which was allocated for the Sixth Five-Year Plan (2010 – 2014). The new capital of US$1.6 billion is the the Seventh Five-Year Plan (2015 -2019).

According to sources, "BADEA will, as well, finance Arab exports from Arab countries to African countries with a view to promoting trade between the two regions.
-0- PANA MO/VAO 25Aug2015

25 Agosto 2015 15:28:48

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