Arabic bank head visits Uganda

The Director General of the Arab Bank for Economic Development in Africa (BADEA), H.E. Mr. Abdelaziz KHELEF, visited Kampala, capital of the Republic of Uganda,  in July 2010.

During his visit, he held talks with Government Officials spearheaded by H.E. Mrs. Syda N. M. Bbumba (M.P.) Minister of Finance, Planning and Economic Development, as well as meetings with other relevant Ministers and high-ranking officials.
The visit cames as part of BADEA’s communication process with its beneficiary countries during which the Director General will seize the opportunity to discuss the mutual cooperation issues between Uganda and BADEA and the status of some of the on-going and future programmes with the objective of exploring the various ways and means of enhancing and promoting such cooperation for the benefit of the final beneficiaries.

The Director General signed a loan agreement worth US$10mn dollar to finance the construction of Rural Electrification project in eight areas.

It is to be recalled that the cooperation between Uganda and BADEA, commenced in 1975 and by the end of June 2010, BADEA’s total gross assistance to the Republic of Uganda reached US$117.540mn representing contributions towards financing 29 development operations, which consists of 17 project loans and 12 technical assistance grants.

BADEA is an independent International Institution established by virtue of an agreement between 18 Arab States in February 1974, for the purpose of strengthening the African-Arab cooperation and linkages. Its operations are exclusively directed to the benefit of African countries non-members of the League of Arab States and include all 43 Sub-Saharan African states, in addition to a number of regional organizations. The operations, in the form of concessionary project loans, technical assistance grants for capacity building grants and trade finance loans cover all economic sectors.

Since commencement of operations in 1975, the total allocations of BADEA to all the African countries have grown to reach US$3882,127mn by June 2010, and have been earmarked to finance 492 development projects, 481 technical assistance operations, 35 loans for the private sector and 14 special operations (in the context of Emergency Aid Programme which was targeted to several African countries effected by drought and desertification). For Trade Finance, BADEA has allocated $148.583mn for 28 operations in 10 countries by June 2010.

The projects selected by BADEA are those, which are technically, economically and environmentally viable and the country programmes are demand driven and are subject to the priority of the partner countries and fit within their medium and short-term development programmes.

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