Businessmen from Bahrain and Qatar aim to set up a bank with capital of $135 million by the end of 2001, the official Bahraini news agency GNA reported Saturday, cited by AFP.
The agency said the bank, based in Manama and with a branch in Doha, would help boost "commercial and economic cooperation" between the two countries, which in March settled a longstanding territorial dispute through a World Court ruling.
"I hope the project will be launched by the end of the year," future shareholder Adel Abdullah Fakrou told GNA after a first meeting of the Bahraini co-founders.
Bahrain and Qatar agreed in April to set up several joint ventures, paving the way for more cooperation between the two Gulf states.
The agreements were reached as delegates from both countries gathered in Doha on April 17 for meetings of the joint higher commission.
Among the projects to be established is a causeway linking the two countries.
Qatar may also supply Bahrain with natural gas, said a statement then.
A joint technical committee has been set up, with a 10-month deadline to draw up blueprints for the Bahrain-Qatar causeway, according to the statement.
A committee was also formed to tackle trade and economic issues, such as joint ventures and ownership of real estate, along with the encouragement of mutual investments.
Discussions also covered energy, industry, economics, labor, housing and other areas, with a view to reactivating cooperation – Albawaba.com
