BADEA’s Board of Directors held its fourth meeting for 2017

KHARTOUM, The Board of Directors of the Arab Bank for Economic Development in Africa, BADEA, has held its 4th meeting for 2017, in London.

The meeting was chaired by Yousif bin Ibrahim Al Bassam, Chairman of the Board of Directors, in the presence of Dr. Sidi Ould Tah, Director-General of BADEA.

During meeting, Dr. Tah presented to the board a statement on the bank’s activities and achievements for the period October-December 2017. The board also reviewed the financial report covering BADEA’s activities during the fourth quarter of the current year and a statement on the performance of investment portfolios for the same period.

The board also reviewed the bank’s administrative expenditure during 2017 and approved the administrative budget for the year 2018. It also approved 11 new development operations.

According to the operational programme for 2018, the board approved a ceiling of US$230 million for financing projects in public sector, US$100 million for private sector operations and US$10 million for technical assistance operations, in addition to US$225 million for Arab Export to African countries.

The United Arab Emirates is a shareholder in BADEA, which was founded in 1973.

Source: Emirates News Agency