Story by Stanley James, Business Editor
THE Arab Bank for Economic Development in Africa (BADEA) and its partners have invested more than US$8 billion in the SADC region over the past fifty years, with Zimbabwe also benefiting from project financing.
Statistics show that BADEA and its cooperating partners have extended over U$8 billion to the SADC region since its formation in 1975 with Zimbabwe getting over U$200 million through project financing.
Projects financed by the bank in the region include irrigation facilities, railway construction, water projects, food security, electricity developments, COVID-19 response, trade, infrastructure, education and social housing, among others.
SADC Executive Secretary His Excellency Mr Elias Magosi commended BADEA for supporting the region.
“The bank has done a lot to achieve a SADC we want and we look forward to other financial institutions joining BADEA in support of the projects within this region,” he said.
President of the Arab Bank for Economic Development in Africa (BADEA), Dr Sidi Ould TAH, assured the SADC Secretariat of continued support.
“BADEA has resolved to contribute to the economic emancipation, we believe that cooperation is still there and there is a lot to offer. While we are proud of the projects that we have done together, we still do believe that the potential is much higher than what we have done so far, this forum aims to further explore ways of investments and create opportunities,” said Dr Ould TAH.
Foreign Affairs and International Trade Minister, who is also Chairperson of the SADC Council of Ministers, Ambassador Frederick Shava, highlighted the importance of BADEA support to the region.
“I am aware that this event is a result of serious endeavours to promote the SADC region as a never to miss destination in the world, this ties in very well with the aspirations of SADC in prioritising economic growth. I would like to acknowledge BADEA, which has been instrumental in transforming our cooperation,” Ambassador Shava noted.
As part of efforts to further enhance cooperation, SADC and BADEA also signed a Memorandum of Understanding that ensures both parties jointly facilitate the convening of forums aimed at resource mobilisation, attracting investments and development financing.
