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Formation of first major Arab Export bank
Regional, Business, 11/8/1997
The director of the Arab Banks Confederation, Dr. Mahmoud Abdel Aziz, stated that the Confederation will set up an Arab commercial bank to finance exports and to complete the role played by Arab funds and institutions.
Abdel Aziz said that the capital of the bank will be $500 million. Ten Arab banks and institutions will pay $100 million, while $400 million will be announced for public subscription through the Arab banks and institutions.
He added that the Arab commercial bank will be a substitute for merging Arab banks in order to set up one big Arab bank, due to the impossibility of achieving this merger at the present time. The institutions establishing the new Arab bank are studying a time frame and location for establishing this bank, but Abdel Aziz said that the bank will come into existence within a short time.
Previous Stories:
World bank
(11/4/1997)
Oil prices expected to increase
(10/31/1997)
Middle East to provide a third of Asia's gas supplies by 2010
(10/25/1997)
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