By Andrei Skvarsky.
The Arab Bank for Economic Development in Africa (BADEA), an institution owned by 18 Arab countries, has acquired a stake in the multinational Eastern and Southern African Trade and Development Bank (TDB).
According to a statement from African Development Bank (AfDB), the acquisition was one of the transactions carried out during the Africa Investment Forum, and event in Johannesburg on November 7-9 that brought together 53 countries, 23 of them non-African, and resulted in deals worth billions of dollars.
BADEA, which is owned by 18 of the Arab League’s 22 member nations and is headquartered in Khartoum, Sudan, has the mission of bringing more Arab capital into African economies.
TDB, formerly known as PTA and headquartered in Bujumbura, Burundi, is owned by 22 African countries, China, Belarus, and about a dozen institutional investors.
It owns assets of more than $5bn.
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