European Union to establish new Mediterranean Bank
Senior economic sources reported that the European Union will declare the establishment of a Euro-Mediterranean Bank by the beginning of April, reported Al-Hayat . The European Union allocated 10 billion euros ($8.6 billion) for the establishment of the bank, which is expected to be operational by 2004.
The new Euro – Mediterranean Bank, which will be a subsidiary of the European Investment Bank, will finance development projects in the Euro-Mediterranean region, which spans from Morocco to Turkey, comprising of 27 countries including the Balkans. — (menareport.com)
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