Current Date:

Wednesday, 12 December 2018

BADEA Signs Agreement to Finance Arab Exports to African Countries worth $ 20 Million

Khartoum - The Arab Bank for Economic Development in Africa (BADEA) and the Development Bank of Central African States (BDEAC), signed, at BADEA’s Headquarters in Khartoum, a Line of Credit of US $ 20 million, as part of BADEA’s program for Financing Arab Exports to African Countries, in accordance with BADEA’s Seventh Five-Year Plan (2015-2019)
The Line of Credit will contribute to the development of Arab exports to the States of the Central African Economic and Monetary Community, in order to serve economic integration between the Arab and African regions, encourage the exchange of trade between these regions, and support Arab-African cooperation
The Line of Credit also aims to strengthen the economic development of member states of the Central African Economic and Monetary Community by helping to provide employment opportunities, alleviating poverty, and improving living conditions for populations. This should contribute to attaining sustainable development in the targeted countries
H.E. Dr. Sidi Ould TAH, Director General of BADEA signed on behalf of BADEA, while the President of BDEAC, H.E. Mr. Fortunato-OFA MBO NCHAMA, signed for his Bank.
It is worth noting that cooperation between BADEA and BDEAC has developed significantly, as BADEA has provided BDEAC a US$ 15 million line of credit - part of BADEA’s private sector operations. BADEA has also provided BDEAC with two technical assistance operations totaling US$ 700,000
 It is also worth noting that the Development Bank of the Central African States, usually known for its French initials, BDEAC, is an international financial institution charged with financing the development of the member states of Economic and Monetary Community of Central Africa (CEMAC).