North-African countries to establish joint bank
The Arabian Maghreb countries recently decided to establish a joint bank to finance commercial exchanges in the region, reported the Al-Hayat daily.
Headquarters of the new Bank of Maghreb for External Commerce and Investment (BMECI) has an estimated value of $150 million. This sum will be held in the form of shares by central bank branches in member countries. The main objective of the new institution is to promote economic exchanges between Maghreb countries.
Total foreign exchanges of these North African countries currently stand at $70 billion per annum. The net worth of all transactions among individual countries does not exceed three percent of their overall foreign trade. —(MENA Report)
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