BADEA bank earmarks $200 mln for Egypt-Africa economic cooperation

Big 5

The Arab Bank for Economic Development in Africa (BADEA) is allocating $200 million to support the Egyptian-African economic collaboration.

The money will contribute to create more job opportunities and increase investments in the continent, Egyptian Minister of Investment and International Cooperation Sahar Nasr said on Wednesday.

Funded by the members of the League of Arab States, BADEA is an independent, international financial institution that seeks to expand economic, financial, and technical collaboration between Arab and African countries. Its mission is to make Arab-African cooperation a reality by providing funds for economic development in non-Arab African countries, encouraging the flow of capital from Arab to African countries, and contributing technical assistance for development work in Africa.

BADEA’s cumulative commitments have totalled $5.4 billion to 44 African countries as of March 31, 2017.

A fundamental focus of BADEA since its establishment in 1973 has been to help alleviate poverty in Africa and to encourage economic growth by supplying much needed financing. The bank’s investments cover a broad array of public sectors—including transportation, agriculture, health care, education, and energy—as well as the private sector. Its lending programs focus on infrastructure projects to help create a more-sustainable investment environment in impoverished African countries and microcredit to support small and medium-size enterprises.

Comments
Loading...