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Arab Bank for Economic Development in Africa (BADEA)
The Arab Bank for Economic Development in Africa (BADEA) was established pursuant to the resolution of the 6th Arab Summit Conference at Algiers (28 November 1973).
The Bank began operations in March 1975. BADEA is a financial institution owned by eighteen Arab countries members of the League of Arab States (LAS) which signed its Establishing Agreement on 18 February 1974. The Bank is an independent International Institution enjoying full international legal status and complete autonomy in administrative and financial matters. It is governed by the provisions of its Establishing Agreement and the principles of international law.
Headquarters The Bank’s Headquarters is located in Khartoum, the capital of the Republic of the Sudan.
Objectives The Bank was created for the purpose of strengthening economic, financial and technical cooperation between the Arab and African regions and for the embodiment of Arab-African solidarity on foundations of equality and friendship. To achieve this end, 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.