The Board of Governors of the Arab Bank for Economic Development in Africa (BADEA), held its 32nd Annual Meeting in Beirut, Lebanese Republic, during the period 11-12 April 2007, under the Chairmanship of Honourable Badr Mshari Al-Himedhi, Minister of Finance, State of Kuwait. The Board of Governors 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 2006, in addition to the Board of Director’s Annual Report on the Bank’s activities for the same year.

- Appointment of the External Auditor for the Financial Year 2007.

- Transfer of the net income realized for the year 2006 amounting to US $ 152.5 million to BADEA's reserve, and the Board agreed to allocate 10% of BADEA's net income in the year 2006 for supporting the Palestinian People.

- Amending some of BADEA's Establishment Agreement Terms relating to joining, and subscribing for increasing the share capital, in addition to membership of the Board of Directors.

- Appointing the Governor of Lebanese Republic as Chairman of BADEA's Board of Governors for its 33rd Session and the Governor of the Great Arab Libyan People's Socialist Jamahiriya as his Deputy.

At the end of the meeting, the Board of Governors expressed deep appreciation to H.E. General Emile Lahoud, President of the Lebanese Republic, H.E. Fouad Siniora the Prime Minister, H.E. Nabih Berri, President of the Lebanese Parliament, and the Government and people of Lebanon, for hosting the 32nd session and the welcome they bestowed on it. The Board expressed its gratitude to H.E. Honourable Badr Mshari Al-Himedhi, Minister of Finance, State of Kuwait for the efforts he has extended in chairing the meeting’s activities.

The Board of Governors expressed also thanks and appreciation to the Chairman and members of the Board of Directors and to the Bank’s management headed by the Director General, and the staff of BADEA for their continuous efforts to realize the objectives of the Bank, mainly the supporting Afro-Arab Cooperation.

It is worth noting that the 32nd meeting of the Board of Governors has been 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.