Arab Bank for Economic Development in Africa

The Arab Bank for Economic Development in Africa (BADEA) (Banque Arabe pour le Développement Economique en Afrique) (المصرف العربي للتنمية الاقتصادية في أفريقيا) was established pursuant to the resolution of the 6th Arab Summit Conference at Algiers (28 November 1973). The Bank began operations in March 1975. BADEA is a financial institution owned by eighteen Arab countries members of the League of Arab States (LAS) which signed its Establishing Agreement on 18 February 1974. The Bank is an independent International Institution enjoying full international legal status and complete autonomy in administrative and financial matters. It is governed by the provisions of its Establishing Agreement and the principles of international law.