ARAB BANK FOR ECONOMIC DEVELOPMENT IN AFRICA (BADEA)

The Bank is a financial institution funded by the Governments of the Member States of the League of Arab States which signed the Establishing Agreement (18th. February, 1974). The Bank is an independent international institution enjoying full international legal status and complete autonomy in administrative and financial matters. It is governed by the provisions of its Establishing Agreement and the principles of international law.

The Bank was created for the purpose of strengthening economic, financial and technical cooperation between Arab and African countries, to make Arab-African solidarity a concrete reality and to base this co-operative venture on foundations of friendship and equality. To this end, the Bank was given a mandate to:

• Assist in financing economic development in non-Arab African countries.

• Stimulate the contribution of Arab capital to African development.

• Help provide the technical assistance required for the development of Africa.

BADEA is committed to the progress and development of Sierra Leone as evidenced by its support to the Hill Side and the Kent - Tokeh roads project as well as the rehabilitation of the Njala University College. The Government of Sierra Leone will provide $1m as its own contribution to the project. In addition, it is hoped that BADEA will provide a technical assistance grant for the Kabala water and sanitation study following an official request from the Ministry of Energy and Power.

The Arab Bank for Economic Development works particularly closely with the Ministry of Finance and gave Sierra Leone a grant of US$78,000 in 2006 to the Sierra Leone Standards Bureau as part of the pillar 1 development programme. BADEA also gave a loan towards pillar 2 development, such that total development assistance was just under 850,000 USD in 2006.