BADEA signs six loan agreements and line of credit

The Arab Bank for Economic Development in Africa, BADEA, has signed six loan agreements with Senegal, Guinea Bissau, Swaziland, Lesotho, Guinea, Zambia and a line of credit to the Solidarity Bank of Mali.

These loans will help financing development projects in the field of infrastructure, water, energy, social, health and private sector operations.

The agreements were signed on the sidelines of joint meetings of the International Monetary Fund and the World Bank, that took place in Washington from 9th to 15th October, 2017.

The six loans extended via those agreements totaling US$74.5 million are on highly concessional terms and in accordance with BADEA's Seven Five-Year-Plan, 2015 - 2019.

The loan agreements were signed on behalf of BADEA by Yousef bin Ibrahim El Bassam, Chairman of the Board of Directors. The beneficiary countries were represented by the officials designated by their respective countries.

For the Line of Credit agreement, Dr. Sidi Ould Tah, Director-General of BADEA, signed the agreement.

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