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