Saudi Arabia’s AfDB Governor, Calls for a Stronger Working Relationship between the Bank and BADEA
The Bank’s Governor for Saudi Arabia, Engineer Yousef I. Al-Bassam has called on AfDB to forge a strong working relationship with the Saudi Fund for Development and Arab Bank for Economic Development in Africa (BADEA). The Governor made the call recently while in Lusaka to sign a $12 million loan for the Kalabo, Sikongo-Angola Border Road Project. The Governor signed the loan with the Zambian Minister of Finance and AfDB Governor, Honorable Alexander Chikwanda. It was during his mission to Lusaka, that Engineer Al-Basaam met with AfDB Resident Representative, Dr. Freddie Kwesiga and in their discussions called on the Bank to develop a longer term pipeline of projects for co-financing with, the Saudi Fund for Development, BADEA and the Islamic Bank for Development, of which he is the Vice Chairman and Managing Director.
The Governor revealed that the Saudi Fund for Development, BADEA and the Islamic Bank for Development will be interested in supporting projects in agriculture; infrastructure; rural electrification; higher education, including technical and vocational training and the health sector. “The Saudi Fund for Development is keen to work with the Zambian government and the AfDB in microfinance initiatives to support SME’s for job creation in Zambia.” Governor Al-Bassam noted. Already a proposal in this area from the Zambian government is said to have been welcome, including ideas on establishing an SME Bank in Zambia.