Lebanese - Egyptian businessmen's association to establish a joint bank

The head of the Lebanese - Egyptian businessmen's association, Badran Kamel, said the association intends to establish a joint bank, named Lebanon - Egypt United Bank with a primary capital of $30 million, adding that in December the bank's capital will be presented to businessmen and investors in the two countries for participation.

He added that the bank's board directors informed Lebanese Prime Minister Rafik Hariri of the idea for establishing the bank and he approved it. He also said that a delegation of 250 businessmen will visit Beirut in November to get acquainted with the Lebanese market and the facilities presented by the government to businessmen and investors.

He also stated that Lebanese investments in Egypt are estimated at nearly 3.5 billion pounds ($1 billion), and that 120 Lebanese businessmen are topping the investment list in Egypt in many fields.

The Lebanese population in Egypt numbers nearly 13,000.