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Mashat: BADEA succeeded to issue €500 m social bonds
Rania Mashat, Minister of International Cooperation and Governor of Egypt at the Arab Bank for Economic Development in Africa (BADEA), commended the bank’s success in issuing social bonds worth 500 million euros to finance projects in the areas of basic services, such as health care, education, financing small and medium enterprises and food security, in addition to generating job opportunities and the affordable housing sector.
She asserted that there are great opportunities for cooperation between the bank, international financing institutions and multilateral development banks, to create an integrated approach to support development in African countries that are facing major challenges and lack of financing.
She made the remarks during her participation in a meeting of the Board of Governors of the BADEA, as part of the activities of the annual meetings of Arab financial institutions and bodies, which was launched on May 22 in the New Administrative Capital under the patronage of Egyptian President Abdel Fattah El Sisi.
Mashat referred to her recent participation in the annual meetings of the European Bank for Reconstruction and Development (EBRD) in her capacity as the bank’s Governor of Egypt, and the Board of Governors’ decision-making to support expanding the scope of its operations in the Sub-Saharan Africa region and including Benin, Nigeria and other countries to the list of countries of operations.
She explained that international institutions began expanding their operations in African countries after they were reluctant to finance development in the continent, pointing out that this expansion represents a great opportunity to integrate the efforts of the BADEA, in a way that increases the effectiveness of the development efforts being made.
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