The Arab Bank for Economic Development in Africa (BADEA) and Banque Régionale de Marchés (Senegal), signed today, Tuesday, February 26, 2019, at BADEA’s Headquarters in Khartoum, two loan agreements: the first one is a line of credit, which amounts to US $ 10 million to finance private sector projects, and the second one, which amounts to US $ 20 million, is a line of credit to finance Arab Exports to African Importers, as part of BADEA’s program for financing Foreign Trade
The first line of credit aims to help the Bank finance private sector projects in Senegal by re-lending its resources to its customers. This loan also aims to enhance the role of the private sector in the country’s economic and social development, to contributing to the mobilization of the production and service sectors, creating job opportunities, providing and delivering various goods and services and supporting the country’s budget through tax revenues which will enhance opportunities for economic growth and improve the living standards of the population
At the same ceremony, the two parties also signed a loan agreement to finance a line of credit that will be allocated to trade finance operations. This line of credit aims to bring Arab goods and products to Senegal by re-lending its resources to beneficiaries in the country. The line also aims to encourage and promote trade exchanges between Arab and African countries and help to define African markets for Arab products, and thus help in the growth of Arab Exports destined for Sub-Saharan Africa
H.E. Dr. Sidi Ould TAH, Director General, signed on behalf of BADEA, while Mr. M. Alioune Camara, Director General, signed on behalf of BRM Bank.