H.E. Mr. Abdelaziz KHELEF, the Director General of the Arab Bank for Economic Development in Africa (BADEA), arrives today, the 29th of April, 2007, in an official visit to Antananarivo, capital of the Republic of Madagascar, responding to an invitation extended to him by H.E. the Minister of Finance and Budget. The visit aims at the coordination, exchange of view and identification of the needs and priorities of the country, in order to improve and enhance the existing cooperation between Madagascar and BADEA. The visit is within a regional tour by his Excellency to some Indian Ocean countries eligible for BADEA’s assistance, and including beside Madagascar, the Republics of Seychelles and Mauritius.

During his visit, the Director General will meet with H.E. the President of the Republic of Madagascar. In addition, he will hold work sessions with some Ministers and Officials who are concerned with BADEA’s cooperation. The Meetings will review the current status of the mutual cooperation, the current status of the on-going projects and technical assistance operations, in addition to the development plans of the Government and its prioritized development operations for financing. The possibility of outlining future programs of cooperation will be considered. On the other hand, the delegation will pay visits to some sites of projects financed by BADEA.

Till the end of March, 2007, the total benefits of the Republic of Madagascar from BADEA’s financing, amounted to bout US$ 119.72 million, earmarked to the finance of 28 development operations, in addition to US$ 1.506 million as a provision to contribute to reducing its debt burden, within the framework of the HIPC Initiative.

It is worth noting that the Arab Bank for Economic Development in Africa is an Arab financial institution, financed by the Governments of the Arab countries, members of the League of Arab States (LAS), and provides its financing as loans with concessionary terms and technical assistance operations in the form of non-repayable grants, to enhance the socio-economic development of the non-Arab African countries – south of Sahara. In this regard, the total BADEA’s commitments to these countries during the period 1975-2006 amounted to US$ 3174.52 million, earmarked to finance 402 development projects, 376 technical assistance operations, in addition to 59 loans provided to African countries in support of their balance of payments.  Due to the role of trade in strengthening Arab African cooperation, BADEA initiated a programme for financing Arab exports to African countries eligible for its aid, and allocated for it a sum of US$ 100 million. Since the start of the programme in 1998, 16 operations were funded with a total cost of US$ 93.83 million. Likewise, BADEA extended, within the framework of the "HIPC" Initiative, US$ 132.75 million to contribute to the reduction of debt burden of 13 African beneficiary countries.