Pan-Arab Bank Proposed
The Federation of Egyptian Chambers of Commerce is proposing the establishment of a pan-Arab bank, an idea which will be reviewed at the Arab economic conference in November, said the Egyptian Gazette on Wednesday.
The proposed bank has been viewed as a new instrument that would contribute significantly to inter-Arab trade, while also providing guarantees for the flow of Arab capital among the Arab states, said the daily.
Economists and bankers were quoted by the paper as saying that the proposed bank would naturally help attract a considerable portion of Arab investments abroad, which are worth billions of dollars.
The director general of the Egyptian Banks Federation, Ali Fayez, told the Gazette that it might be too early to establish such a bank, unless the Arab countries managed to abolish all customs barriers, thereby taking more significant steps towards an Arab free trade zone and common market.
He added that prior to establishing that bank, there had to be an overview of the projects that it might finance, as well as their feasibility studies. "Otherwise it will turn into nothing more than an ordinary commercial bank,” said the director general – Albawaba.com