The Board of Directors of the Arab Bank for Economic Development in Africa (BADEA), held its fourth meeting for the year 2006, during the period from 12 to14 December 2006 in London.

The meeting was held under the Chairmanship of H.E. Mr. Ahmed Abdallah Al-Akeil, Chairman of the Board of Directors.

During this meeting, the last for this year, H.E. Mr. Abdelaziz Khelef the Director General of BADEA presented to the Board for review a number of reports; at the fore front a report on the Bank’s activities and achievements through the period from November to December 2006. The Board also reviewed the financial report covering the activities of the Bank during the third quarter of the year and a report relating to the portfolio management performance for the same period.

Likewise, the Board of Directors reviewed the Bank’s administrative expenditure in 2006 and approved the administrative budget for 2007.

As regards the 2007 operations programme covering both project loans and technical assistance operations, the Board approved a ceiling of US $ 180 million.