Arab bank disbursed $97 million in 1997 for African development

The Arab Bank for Economic Development in Africa (ABEDA) disbursed $97.8 million in 1997 to finance projects as well as technical assistance operations.

The Khartoum-based bank said in its annual report that the amount includes the disbursements approved during 1997 as well as disbursements that were earmarked earlier in development plans extending over several years.

The financing operations approved in 1997 include $94.91 million worth of loans destined to finance 13 projects and a credit line of $4.92 million destined to 22 technical assistance operations.

The agriculture sector was granted a special interest as it absorbed some $41.71 million, i.e. 43.95 percent of the total amount disbursed in 1997, the report said.

The sector of infrastructure ranked second with $38 million or 40.04 percent of disbursements while the sector of energy came in third with $6.6 million (6.95 percent). The banking and social sectors received respectively $4.5 million (4.47 percent) and $4 million (4.32 percent) of total disbursements.

The ABEDA is an Arab financial institution specialized in financing development projects in Africa.