Arab Bank for Economic Development in Africa
|This article relies on references to primary sources. (March 2009)|
The Arab Bank for Economic Development in Africa (BADEA) (المصرف العربي للتنمية الاقتصادية في أفريقيا) is a financial institution funded by the Governments of the Member States of the League of Arab States on 18 February 1974. It is an independent international institution enjoying international legal status and autonomy in administrative and financial matters. Its headquarters is located in Khartoum, the capital of the Republic of Sudan.
BADEA was created for the purpose of strengthening economic, financial and technical cooperation between the Arabia and Africa and for the embodiment of Arab-African solidarity on foundations of equality and friendship. To achieve this, the Bank was given a mandate to:
- Participate in financing economic development in African countries;
- Stimulate the contribution of Arab capital to African development;
- Help provide the technical assistance required for the development of Africa.
The projects financed by the Bank are priority projects of the beneficiary countries and usually form part of their development plans. In some instances, these projects are of a regional character benefiting several countries simultaneously and helping in their economic integration. BADEA also provides technical assistance in the form of non-refundable grants.