UAE hosts the Second Board of Directors Meeting of the Arab Bank for Economic Development in Africa

The UAE hosted the second 2012 Board of Directors meeting for the Arab Bank for Economic Development in Africa. His Excellency Obaid Humaid Al Tayer, the Minister of State for Financial Affairs at the UAE Ministry of Finance, inaugurated the meeting, while H.E. Yousef Bin Ibrahim Al-Bassam, Chairman of the Bank, led the discussions.

The meeting was attended by H.E Abdul Aziz Khalaf, Director General of the Bank, with the participation of the Bank’s Board of Directors. The UAE, represented by H.E. Mohammed Obaid Al Mazroui, is considered one of the Board’s permanent members due to its contribution to the Bank’s capital over the years.

The meeting covered the Director General’s report on the Bank’s activities and achievements between January and end of April 2012. In addition, it highlighted key points from the Bank’s investment portfolio such as its financial and performance reports during this period. It was also confirmed that the Bank has approved funding loans for several beneficiary African countries.

H.E. Obaid Humaid Al Tayer, Minister of State for Financial Affairs at the UAE Ministry of Finance, noted that hosting the Bank’s second Board of Directors meeting in the UAE reflects the country’s support of the Bank’s activities. This is also testament of the solid relations the UAE has with the Bank, as well its relationship with the African continent.

H.E. said: “The Arab-African relationship is a model of solidarity based on strategic depth and trust. Additionally, it is one of the parameters established to support joint Arab action and to promote cooperation with other countries, specifically ones from the South.

“The UAE appreciates the Bank taking into account the circumstances of the beneficiary countries when providing funding by facilitating the lending terms and conditions. This action has reflected positively on the Bank’s reputation worldwide, gave its financial offerings a competitive advantage, and has resulted in creating long-lasting relationships with the beneficiary countries. The UAE also values the Bank’s position in highlighting the role played by Arab states and financial institutions to support the overall development of African countries,” he added.

The Bank has played a key role in strengthening development efforts in African countries since 1975. Its activities have steadily multiplied based on countries’ support – most notably the UAE’s – and have led to it being recognised as one of the world’s most successful Arab-African economic organisations.

The shares of the Bank’s Member States increased from $231m since its inception to $3.48bn by the end of 2011. The Arab Bank for Economic Development in Africa occupies a prominent status among financial institutions across Africa. Today, its total commitments are valued at $3.9bn, where 43 African countries have benefited across all development areas.