Head of the Arab Monetary Fund: We have an active role in Arab trade
Regional-Egypt, Economics, 6/22/1998

The head of Arab Monetary Fund Gassem El-Manaay confirmed that the fund is playing an active role in Cairo, where the fund is financing trade between Egypt and other Arab states.

In a statement to ArabicNews.com, El-Manaay said that he has begun to present many services to many Arab and Egyptian financial corporations in the service of the Egyptian economy, "where we are greatly concerned with Egypt's benefit," he said.

He added that there is an agreement by Egyptian banks of the need to finance Arab trade and to present financing for Egyptian exports to the Arab states.

Gassem El-Manaay stated that the fund has presented more than 130 loans to the Arab states, at a value of about $3 billion.

He said that the fund will concentrate in the coming years on concentrating its activity on loans that help develop capital for markets, and provide financing for Arab trade in addition to economic reform.

El-Manaay confirmed the fund's ability to provide financing for Palestinian imports and exports, clarifying that the fund formally informed the Palestinian authority about this.

He confirmed that the meeting of the Arab banks' governors during September in Oman will discuss the effect of the Euro on the Arab economies, and possibility of taking measures helping Arab states create greater coordination among them in the banking and financial sector.

Previous Stories:
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  Arab conference in Cairo to support construction cooperation   (6/19/1998)

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