Maghreb Bank plan targets regional development

The Maghreb Bank, which the region’s finance ministers hope to launch this year, will support projects designed to boost trade and development.

The region’s finance ministers will launch the Maghreb Bank for investment and trade this year, Algerian Finance Minister Karim Djoudi announced on Tuesday (March 16th).

The bank’s main focus will be to build an integrated Maghreb economy by financing joint industrial and agricultural projects, the minister said in Algiers during the seventh round of meetings of the Maghreb Ministerial Council of Finance.

Tunisian Finance Minister Mohamed Ridha Chalghoum called the bank “one of the most important mechanisms in Maghreb co-operation in the field of finance, and a main pillar of boosting economic integration and achieving joint development”.

The bank will also encourage Maghreb countries to increase their capital flow while undertaking initiatives to boost trade and development. Projects proposed for bank financing will be scrutinised for their potential financial returns and economic feasibility.

The bank’s capital is now set at US$500 million, with each member country making an equal contribution…read more

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: