Arab bank offers aid to Africa amid food crunch

The Arab Bank for Economic Development in Africa or BADEA is ready to extend financial aid to mitigate the food crisis. “We are working with almost all African countries to give them soft loans, particularly the rural world to increase agricultural productivity as one way of alleviating high food prices in the short term,” BADEA Director General Abdelaziz Khelef revealed. “We are insisting that rural development should be given high priority in the future across Africa,” Khelef added. The agency, which aims to bolster cooperation between Arab nations and the continent, will quadruple its spending from USD225 million to USD900 million for its 2005-2009 programs.

Source: Arab bank to help Africa fight food crisis (Reuters)

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