Arab banking foundation allowed to increase capital by $ 20 million

The Algerian loan and monetary council, the highest monetary authority in Algeria, has approved a $ 20-million increase in the capital of the Bahrain-based Arab banking foundation.

Kuwaiti news agency KUNA reports quoting a bank statement as saying the capital would rise to $ 33 million dollars. The bank, which opened a branch in Algiers three years ago, is intending to open three more branches in three major Algerian cities.

The Bahrain-based Arab banking foundation, is a multi-national Arab foundation in which a number of Arab businessmen and monetary authorities are sharing capital.