The Board of Directors of the Arab Bank for Economic Development in Africa (BADEA), held its first meeting for the year 2005 in Damascus during the period 16 to 18 March 2005. The meeting was chaired by H.E. Mr. AHMED ABDALLAH EL-AKEIL, Chairman of BADEA’s Board of Directors, and in the presence of H.E. Mr. MEDHAT S. LOTFY, the Director General.

The Board reviewed a number of important issues; foremost was the Director General’s report on the Bank’s activities during the period January – March 2005, in addition to a number of financial reports and current status reports of projects. The Board approved the financing of some new projects and technical assistance operations.

The Board of Directors also reviewed BADEA’s Annual Report for the Year 2004 and the Auditors’ Financial Report.

In the field of financing of projects and technical assistance operations, the Board approved the financing of a new batch of operations for the benefit of several African countries, for a total amount of US $ 81.68 million, out of which US $ 79.45 million were allocated for projects loans, while US $ 2.23 million were earmarked for technical assistance operations.

It is worth noting that by the end of March 2005, BADEA’s total cumulative financial commitments to African countries eligible for its aid, including the new commitments, will reach US $ 2926.323 million.

The approved operations for March 2005