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. Structure and Objectives Headquarters The Bank's Headquarters are located in Khartoum, the capital of the Republic of the Sudan. Objectives The Bank was created for the purpose of strengthening economic, financial and technical cooperation between the Arab and African regions and for the embodiment of Arab-African solidarity on foundations of equality and friendship. To achieve this end, the Bank was given a mandate to: Participate in financing economic development in African countries. Stimulate the contribution of Arab capital to African development. Help provide the technical assistance required for the development of Africa. The Seventh Five-Year Plan (2015 – 2019) The Board of Governors has approved in its 39th session, convened in Tunis from 8 to 9 April 2014, the 7th five-Year Plan (2015 – 2019), which will come into force by January 2015. Since 1983 BADEA has pursued its activities through five-year plans relating the available resources to the needs of African recipient countries. It adopted a strategy based on gradual increase in the financial resources earmarked for financing in accordance with expansion of its operations to meet the rising needs of Sub-Saharan African countries, in all spheres especially in terms of food, transport, health, education and human resources development. The allocations for the Seventh Five-Year Plan (2015 -2019), stood at US$1.600 million, representing an increase of US$600 million compared to the Sixth Five-Year Plan (2010 – 2014). The first year of the plan, commitments start at US$250 million and increase annually to reach US$350 million in 2019. Within this plan, US$1100 million will be earmarked for the public sector projects, US$450 million for the private sector projects and US$50 million for the technical assistance operations. Moreover, between US$150 and 250 million will be assigned annually throughout the five years