Reviving the agreement of Middle East's bank

ArabicNews.com learned that the United States is currently making intensive diplomatic communications in the Middle East area to revive the project of the bank for economic cooperation and development in the Middle East.

An Egyptian economic source told ArabicNews.com that the US believes that reviving the bank contributes to supporting the peace process in the area and that the bank is important for enhancing American exports to the area as well as in increasing the volume of commercial exchange among the countries who are members in the bank.

The sources said that Washington asks Cairo to provide the headquarters for the bank, although Egypt has not signed the agreement for the bank's establishment so far.

They said the signed countries are the US, Russia, Holland, Italy, Greece, Austria, Cyprus, Israel and Japan and all these countries completed procedures that allow implementing this agreement that provides nearly $812 million in capital.