The Board of Governors of the Arab Bank for Economic Development in Africa (BADEA) says 10 per cent of its net income of US$ 164.2 million had been allocated to support development projects for the Palestinian people, according to a BADEA statement issued on Monday.
This is part of the decision reached at its 33rd annual meeting held in Sanaa, the capital of Yemen, from 3-4 April.
According to the statement, BADEA realised a net income of US$ 164.2 million which has been placed in the institution’s reserve.
During the Sanaa meeting, the Bank’s budget, revenues and expenditures for the year ending 31 December 2007, in addition to the Board of Director’s Annual Report on the Bank’s activities were approved.
The statement said the bank resolved to appoint external auditors for the Financial Year 2008.
For the 34th meeting, the institution appointed the Governor of the Great Arab Libyan People’s Socialist Jamahiriya as Chairman of BADEA’s Board of Governors and that of Egypt as his deputy.
BADAEA was formed within the framework of Joint-Annual meetings of Arab Financial Corporations, which include 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. Panapress.