BADEA grants $200M for Egyptian-African economic cooperation

CAIRO – 5 July 2017: The Arab Bank for Economic Development in Africa (BADEA) allocated $200 million for Egyptian-African economic cooperation, the Ministry of Investment announced in a Wednesday statement.

The Minister of Investment and International Cooperation Sahar Nasr signed an agreement with the bank’s board chairman Yousef Al-Bassam to promote Egyptian investors’ opportunities in Africa.

The bank posted $140 million profits in the first five months of 2017 compared to $42 million year-on-year, as revealed in its second board meeting of 2017 held in Sharm el-Sheikh.

During the meeting, both parties discussed the authorization of new finances for a number of development operations for African countries benefiting from the bank.

The total accumulated finances of BADEA amounts to $5.4 billion since its establishment up to March 31, 2017 for 44 African countries.