The 29th Annual Meeting of the Board of Governors of the Arab Bank for Economic Development in Africa (BADEA), was held in Kuwait, during the period 14 - 15 April 2004, under the Chairmanship of Honorable Ahmed Ben Abdel Nabi Maki, Minister of National Economy and Deputy Chairman, Financial Affairs and Energy Resources Council, Sultanate of Oman. The Board of Governors of BADEA adopted a number of important resolutions, which can be summarized as follows:

* Approving the bank’s budget and its revenues and expenditures for the year ending 31st December 2003, and board of director’s annual report on the bank’s activities for the same year.

* Appointment of the external auditor for the financial year 2004.

* Allocation of the net income realized for the year, of US$ 131.7 million dollars, to the reserve of the bank.

* The Board of Governors approved the Draft 5 Year Plan for the Utilization of BADEA Resources for the period 2005-2009 and to transfer US$ 700 million from the general reserves to augment the paid-up capital of BADEA to reach US$ 2.2 billion. The Five Year Plan stipulates the allocation of US$ 900 million for the benefit of non-Arab African countries during the five years. Six million dollars will be allocated to technical assistance during the first year of the Plan, to be increased by US$ 250 thousand every year and to reach US$ 7 million in the terminal year of the Plan; considering that the technical assistance will continue to be provided in the form of grants. The Five Year Plan stipulated further concessionary terms of lending to suite the economic situation of the beneficiary countries which can only borrow at terms having a high grant element, as prescribed by the International Monetary Fund.

* Appointing the governor of the state of Palestine as chairman of the board of governors for its 30th session and the governor of the State of Qatar as his deputy.

* Nominating the Republic of Lebanon As the venue for the next meeting of the Board.

At the end of the meeting, the Board of Governors expressed deep appreciation to H.E. Sheikh Japer Al-Ahmed Al - Sabah, Emir of the State of Kuwait and his Government, for hosting the 29th session and the welcome they bestowed on it. The Board expressed its gratitude to H.E. Ahmed Ben Abdel Nabi Maki, the Minister of National Economy and Deputy Chairman, Financial Affairs and Energy Resources Council – the Sultanate of Oman- for the effort exerted in chairing the meeting’s activities. The Board expressed thanks and appreciation to the Chairman and members of the Board of Directors, and to the Bank’s management headed by the Director General, for their continuous efforts to realize the objectives of the Bank for Afro-Arab Cooperation. It is worth noting that the 29th meeting of the Board of Governors has convened within the framework of Joint-Annual Meetings of Arab Financial Corporations, which include, besides Badea, the Arab Fund for Economic and Social Development, the Arab Investment Guarantee Corporation, the Arab Monetary Fund and the Arab Authority for Investment and Agricultural Development.