Badea grants $2.2b since its inception

The Arab Bank for Economic Development in Africa (Badea) has approved $2.211 billion for the financing of 303 development projects since inception in 1975.

These include 24 loans to private sector, 14 special operations within the framework of emergency aid, and 258 technical assistance grants.

Dr. Mohammed Khalfan bin Kharbash, UAE Minister of State for Financial and Industrial Affairs, who is also on the board of governors of Badea, said that out of the 43 Sub-Saharan countries eligible for Badea's aid, 42 benefited from Badea's financing in addition to a number of regional organisations.

Technical assistance grants for 2001 amounted to $61.479 million. Of this, 58.5 per cent was allocated to finance feasibility studies while 41.5 per cent was earmarked for capacity building.

Since its inception, 42 countries, four regional groups and 16 regional and semi-regional institutions have benefited from Badea's operations.

The total commitments excluding the Special Arab Assistance Fund for Africa (Saafa) operations during 1975-2001 reached $1.722 billion. Saafa, which was created in 1973, started operations in 1974 and its capital was subsequently merged with that of Badea in 1977.

Badea's current capital of $1.5 billion has been subscribed by 18 states including the UAE. While Saudi Arabia holds 24 per cent of the total capital, UAE's share is 12 per cent. Other major shareholders are Iraq and Kuwait with 14 per cent each, Qatar with 8 per cent and Libya with 16 per cent.

Badea's disbursements as of end-2001 stand at $1.238 billion, which include the disbursements of Saafa.