Egyptian banks finance large milling company

Palestinian President Yasser Arafat is due to inaugurate the largest private company in Palestine, financed by Egypt's Ahli Bank and Arab Estate Bank with capital of $22 million.

Mahmoud El-Gherra, the head of the Palestinian Businessmen's Assembly, said the company, which will be formally opened soon, faced many attempts by Israel to stop its work and its construction.

In press statement, El-Gherra the company's activity will be milling and that it will cover 80% of Gaza Strip's need for wheat and other products.

Moreover, he hinted at the role of the Egyptian banks in financing Palestinian projects that suggest sovereignty, such as Gaza International Airport, Mills Company, Assemblage of Ministries and the expected project for generating electricity to be built within two months.