The Director General of BADEA Visits The Republic of Seychelles

The Director General of BADEA Visits The Republic of Seychelles

H.E. Mr. Medhat S. Lotfy, Director General of the Arab Bank for Economic Development in Africa (BADEA) arrives on 29 January 2006, at Victoria, capital of the Republic of Seychelles, as part of a regional visit to the Republics of Kenya, Mauritius, and Madagascar during the period of 27 January to 10 February 2006. .

During his visit to the Republic of Seychelles, the Director General was received by H.E. the President of the Republic and H.E. the Vice - President, in addition to H.E. the Minister of Foreign Affairs and other high-ranking officials.
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Talks covered the mutual cooperation between the Republic of Seychelles and BADEA, with the objective of exploring the various means of promoting and developing this cooperation and meeting its objectives..
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At the end of 2005, BADEA’s assistance to Seychelles reached US $ 48 million to participate in financing 14 development projects. . .

BADEA’s financing operations have expanded since 1975, reaching US $ 3004.582 million by end of October 2005; this includes the loans provided through SAAFA (Special Arab Aid Fund for Africa) amounting to of US $ 214.2 million. The allocations have been earmarked to finance 379 development projects, 352 technical assistance operations, 26 loans for the private sector, including 14 special operations (in the context of Emergency Aid Programme benefiting several African countries effected by drought and desertification), in addition to 59 loans extended through SAAFA.

BADEA’s commitments to the technical assistance operations reached, during the same period, US $ 84.24 million dollar, until end of October 2005 earmarked to finance feasibility studies and institutional support activities.

BADEA’s operations cover all the 43 eligible countries in Sub-Saharan Africa, in addition to a number of regional organizations. The operations cover infrastructure, agriculture and rural development, rural water, electricity, rural roads, animal and fish production, energy, industry, social and the banking sector over and above technical assistance operations.

The projects selected by BADEA are those, which are directed towards improving the living conditions of the people and easing the pressure on them and reducing poverty, particularly those projects related to rural development and environment such as rural water supply and sewerage, or those aiming at reducing negative impact of drought and desertification, which obviously in line with current approaches to development.