Current Date:

Saturday, 20 January 2018
 

Cooperation Between BADEA & BSIC

15 million dollars from BADEA to the Sahel-Sahara Bankfor Investment and Commerce (BSIC)

The Arab Bank for Economic Development in Africa (BADEA) and the Sahel-Sahara Bank for Investment and Commerce “BSIC” signed on Thursday 28 September 2017, at BADEA’s Headquarters in Khartoum an agreement of Line of Credit of US $ 15 million, as part of BADEA’s program for financing Foreign Trade.

The Line of Credit will contribute to finance imports of Arab goods to African countries members of ECOWAS or CEMAC, to double its performance in trade finance.

H.E. Dr. Sidi Ould TAH, Director General of BADEA signed on behalf of BADEA, while the President and Director General, H.E. Mr. Ali Omar ALMOCTAR, signed for BSIC.

 

The Line of Credit aims to expand the financing of Arab Exports to the countries of the Economic Community of West African States (ECOWAS) and (CEMAC), through the provision of appropriate financing for imports of Arab goods to achieve regular financing of all economic sectors based on private sector development. The infrastructure sector is the one of the most important sectors involved in Arab Exports including also the public works sector, the electrical equipment, fertilizers, food and pharmaceutical products, which contribute to the sustainable development and improve the living conditions of the population.

It is worthy to note that the Tripoli –based, BSIC is a financial institution created by the community of the Sahel Sahara States, composed of 28 African countries. The main objective of BSIC is to remove the geographic and language barriers between CEN-SAD member states by promoting intra-regional trade and investment in the region.