BADEA’s Board of Governors meets up its 43rd annual meeting

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BADEA’s Board of Governors  meets up its 43rd annual meeting BADEA’s Board of Governors meets up its 43rd annual meeting

The Board of Governors, of the Arab Bank for Economic Development in Africa (BADEA), is supposed to take place in the Dead Sea, Hashemite Kingdom of Jordan, for its 43rd Annual Meeting, within the framework of the Joint-Annual Meetings of Arab Financial Institutions, scheduled to take place from 10 to 11 April 2018.

The Joint-Annual Meetings of Arab Financial Institutions will bring together, besides BADEA, the Arab Fund for Economic and Social Development, the Arab Investment & Export Credit Guarantee Corporation, the Arab Monetary Fund and the Arab Authority for Investment and Agricultural Development.

It is to be mentioned that, the Hashemite Kingdom of Jordan is one of the 18 countries that had contributed to the founding of BADEA and regularly play a positive and constructive role, encourage and ensures the promotion of Afro-Arab Cooperation.

BADEA started its financing with a capital of 231 million dollars which was gradually increased over the years to reach 4200 million dollars at present.

It is worthy to note that BADEA is a development finance institution, its Headquarters in Khartoum, Republic of the Sudan. BADEA’s commitments to Sub-Saharan Africa countries, stood at US $ 5824.768 million until March 2018, allocated to finance 653 development projects, 749 technical operations.

BADEA is an independent financial institution owned by the 18 countries members of the League of Arab States who signed the Establishing Agreement of the Bank on 18 February 1974.  It has a full legal international status and enjoys total independence in administrative and financial matters, subject to provisions of its Establishment Agreement and the principles of international law.

BADEA was established pursuant to the resolution of the Sixth Arab Summit Conference held in Algiers, Algeria in November 1973, and commenced its operations in March 1975. Khartoum, the capital of the Republic of the Sudan, was chosen to host the bank’s Headquarters.

The Bank aims at promoting economic, financial and technical cooperation between African and Arab countries, and the embodiment of Arab-African solidarity on the basis of equality and friendship. To achieve these objectives, the Bank was entrusted with following functions:

•     Contribute in financing economic development in African countries

•     Promote the participation of Arab capital in African development.

•     Contribute in the provision of the necessary technical assistance for development in Africa.

Board of Governors:

This is the Bank’s highest authority and is composed of a Governor (usually Minister of Finance) and Deputy-Governor from each BADEA member state. The powers of the Bank are invested in the Board of Governors.

Board of Directors:

It is composed of 11 members and is invested with the necessary powers to manage the Bank except those that are the prerogatives of the Board of Governors.

Director General:

The Board of Governors appoints the Director General of BADEA from non-members of the Board of Directors, for a period of three years, renewable for a maximum of two terms.

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