UAE Minister of State for Financial Affairs heads annual meetings of BADEA and DHAMAN
HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, headed the 39th annual meeting of the Board of Governors of the Arab Bank for Economic Development in Africa (BADEA) and the 41st meeting of the shareholders of the Arab Investment and Export Credit Guarantee Corporation (DHAMAN).
The meetings were attended by Their Excellencies the Ministers of Finance and Central Bank Governors from Arab states which are members of these two institutions.
The agenda for the 39th annual meeting of the Board of Governors of BADEA featured a discussion about the Board of Director’s annual performance report for the fiscal year 2013, which revealed that the Bank has provided an overall funding worth 4.7 billion U.S. dollars over a span of 40 years since its inception. The funding included 4.2 billion US dollars for financing projects, 374 million US dollars for the foreign trade programme, 142.7 million US dollars for technical assistance grants and 12.6 million US dollars for Urgent Aid Programmes.
During the meeting, participants established the resources for the seventh five-year strategic plan of the Bank, worth 1,600 million US dollars. 1100 million US dollars will be allocated to finance the public sector’s projects, 450 million US dollars for the private sector’s projects and 50 million US dollars for technical assistance, in addition to a total of 150-250 million US dollars to finance Arab exports.
The 41st meeting of the shareholders of the Arab Investment and Export Credit Guarantee Corporation (DHAMAN), featured discussions about a number of memos related to new ways to increase the capital of the institutions, along with a review of the annual report of the Board of Directors for 2013 and the Corporation’s work. Additionally, the meeting included a ratification of the balance sheet and the income and expenditure account.
By the end of 2013, DHAMAN achieved a net profit of 5.2 million US dollars, while the portfolio of guarantee contracts amounted to 1.5 billion US dollars and a total value of 11 billion US dollars for the corporations’ operations. In addition, at the end of 2013, the total amount of valid guarantee contracts amounted to 1.1 billion US dollars, which was divided as follows: 21% to ensure investments and 78% for export credit insurance, foreign trade and reinsurance.
HE Obaid Humaid Al Tayer also participated in the fifth meeting of the Council of Arab Finance Ministers, where five working papers were presented by the Arab Financial Institutions regarding the UAE initiative. The first working paper covered the support of economic stability and the development of the financial sector in Arab countries, whilst the second discussed the financing of the Arab Trade and the Export Credit Guarantee. The third working paper covered the stability of food prices and the fourth included the improvement of the working environment and the creation of job opportunities. The last working paper discussed clearance and settlement arrangements for inter-Arab payments. The Council discussed several ideas and recommendations which have been raised in the five working papers, which participants now look forward to seeing developed and progressed by the Arab institutions.
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