The Arab Bank for Economic Development in Africa (BADEA) marked its 50th anniversary and unveiled the Arab-Africa Financial Consortium (AAFC) during ceremonies held on Sunday in Accra.
Established in 1973 under the resolution of the 6th Arab Summit Conference and commencing operations in March 1975, BADEA operates as an independent international institution owned by eighteen Arab member countries of the League of Arab States (LAS).
The anniversary event highlighted BADEA’s pivotal role in fostering economic cooperation between Arab nations and Africa, underscored by the launch of the AAFC. This consortium, with its mission to strengthen financial ties and support development initiatives across the continent, brings hope for a brighter future for Africa.’
BADEA’s initiatives are governed by its establishing agreement and international legal standards, ensuring administrative and financial operations autonomy.
The celebrations in Accra symbolized BADEA’s unwavering commitment to enhancing Arab-Africa relations through sustainable development and strategic partnerships, providing reassurance to all stakeholders.
