50th anniversary: BADEA board of directors meeting opens in Seychelles 

Finance |Author: Rita Joubert-Lawen Edited by: Betymie Bonnelame | July 5, 2024, Friday @ 10:07| 2802 views

The BADEA meeting was held at Savoy Seychelles Resort and Spa. (Seychelles Nation)

The Arab Bank of Economic Development in Africa (BADEA) board members met in Seychelles on Thursday, as the bank celebrates its 50th anniversary, to discuss new projects and technical assistance for implementation.

In his address at the meeting, Seychelles' Minister of Finance, Economic Planning and Trade, Naadir Hassan, said the formal gathering is a powerful affirmation of the shared commitment to fostering sustainable development and economic growth.

"In recent years, research has increasingly highlighted the indispensable role that financing institutions like BADEA play in the development agendas of nations such as Seychelles. These insights reinforce what we have always known: that strategic financial support is a cornerstone of national progress," he added.

Hassan said, "Over the years, BADEA's investment in key sectors such as infrastructure, education, and energy has significantly propelled our development agenda. These projects have not only improved the quality of life for our citizens but have also strengthened our economy and enhanced our capacity for sustainable growth. For this, we remain immensely grateful. These achievements stand as a testament to the lasting partnership between our country and your esteemed institution."

He spoke about BADEA's role as more than a financier but rather a partner in progress.

"The Bank brings not just capital, but also expertise, confidence, and a steadfast commitment to sustainable development. Your support helps nations like Seychelles build a resilient economy, capable of withstanding global challenges and seizing opportunities for growth," he added.

BADEA has assisted Seychelles by financing many projects throughout the years, including the construction of the Seychelles Maritime Academy, a housing project and public utility infrastructures.

"Our partnership with Seychelles has allowed the Bank to fund around 25 projects since establishing the partnership," said the chairman of BADEA's board of directors, Dr Fahad Aldossari, in his address.

In the last 50 years, BADEA has funded over $13 billion in projects across the African continent.

During the Arab Africa summit in Riyadh last year, the Arab coordination group committed $50 million to developments in Africa, with BADEA leading the initiative with its different colleagues from different Arab funds.

"In addition to funding lots of infrastructure projects, we started working more with private finance and small and medium enterprises to be impactful to the African continent," said Aldossari.

He explained that the Bank has been more active in recent years to be more impactful and more relevant to African countries with an increase in its authorised capital from $4.2 billion to $20 billion.

Aldossari revealed that BADEA has also been rated recently by several rating agencies "for the quality of work it has been doing, but also to help the bank improve and increase the number of its activities in Africa."

He added that for the first time this year, the bank has been able to issue loans in euros.

"The subscription within the first few hours went to €1.5 billion, which shows the trust from the investment community and also from everyone dealing and working with BADEA," said Aldossari.

Tags: Arab Bank of Economic Development in Africa, BADEA


» Related Articles: