BADEA, BSIC sign cooperation agreement to finance foreign trade

The Arab Bank for Economic Development in Africa, BADEA, and the Sahel-Sahara Bank for Investment and Commerce, BSIC, have signed an agreement on a Line of Credit of US$15 million, as part of BADEA’s programme for financing foreign trade, it has been announced.

The agreement, which was signed at BADEA’s headquarters in Khartoum, will contribute to the financing of imports of Arab goods to African countries that are members of the Economic Community of West African States, ECOWAS, or the Central African Economic and Monetary Community, CEMAC.

Dr. Sidi Ould Tah, Director-General of BADEA signed on behalf of BADEA, while Ali Omar Almoctar, President and Director-General, signed for BSIC.

The agreement aims to expand the financing of Arab exports to the ECOWAS and CEMAC countries through the provision of appropriate financing for imports of Arab goods. Among key sectors are infrastructure, public works, and items such as electrical equipment, fertilisers, food and pharmaceutical products which contribute to sustainable development and improve the living conditions of the population.

BSIC is a financial institution created by the community of the Sahel Sahara States, composed of 28 African countries. It seeks to promote intra-regional trade and investment.

The United Arab Emirates is a shareholder in BADEA, which was founded in 1973.