This year marks the Golden Jubilee anniversary of the Arab Bank for Economic Development in Africa (BADEA).
Over the next fifty years, the bank will concentrate on strengthening its own initiatives and securing additional funding support from other Arab financial institutions for the development of Africa.
Dr. Sidi Ould Tah, President of BADEA, made this announcement on Thursday, July 18, during a press event.
As part of its 50th anniversary festivities, BADEA will formally unveil this new vision on Sunday, July 21, 2024, in Accra. The event will have the theme “BADEA Prosperity Partnership: 50 Years of Africa-Arab Cooperation.”
The heads of state and government of African nations taking part in the African Union Mid-Year Coordination Meeting in Accra on Sunday, along with heads and representatives of multilateral financial institutions from both Africa and the Arab region, will be present at the launch of the Arab-Africa Financial Consortium, which is anticipated to be a major alternative funding source for African governments and private sector organisations.
Dr. Sidi Ould Tah, speaking to the media on Thursday, July 18, at the Kempinski Hotel, stated that BADEA is prepared to support projects with its current capital base of US$20 billion. A special session with private sector operators has been scheduled for Kempinski Sunday to discuss how these funds can be accessed.
“The bank intends to be a regular issuer on the capital market to be able to raise more resources for the African continent at very competitive pricing,” said the president of BADEA, citing the success of the company’s first bond’s capital market introduction.
A number of heads of state and corporate executives from the African continent and the Arab world are scheduled to attend the 50th anniversary celebration and the AAFC inauguration ceremony.
These events are scheduled to take place on Sunday, July 21, 2024, as a side event of the African Union’s 6th Mid-Year Coordination Meeting.
BADEA, a member of the Arab Coordination Group (ACG), has pledged $50 billion in new investments towards Africa by 2030, demonstrating Arab partners’ commitment to the region. BADEA also observes the Alliance of African Multilateral Financial Institutions (AAMFI), highlighting Africa’s collective financial future.
The Arab Bank for Economic Development in Africa (BADEA), established in 1973, is a financial institution owned by eighteen Arab countries. It began operation in 1975 as an independent international institution with full legal status and autonomy. The Arab Coordination Group (ACG) is partnering with BADEA to launch the Arab-Africa Financial Consortium.
The ACG comprises key institutions like the Abu Dhabi Fund for Development, the Arab Bank for Economic Development in Africa, the Arab Fund for Economic and Social Development, the Arab Gulf Programme for Development, the Arab Monetary Fund, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, the OPEC Fund for International Development, the Qatar Development Fund, and the Saudi Fund for Development.
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