Establishing an Arab bank in Algeria with $110 million capital

A group of investors and businessmen in Egypt and the United Arab Emirates intends to establish an Arab bank in Algeria with a capital of $110 million that deals with private companies on the Arab level in general and Algeria in particular, said Ali El-Shorafa, head of an investment group that is currently visiting Algeria.

He added, "The delegation, which he will escort and comprise Arab and Egyptian businessmen, made sure of the existence of major investment potential in Algeria and chances that could be taken to establish joint projects."

El-Shorafa said that in addition to establishing the bank, the delegation is currently considering establishing an Arab investment fund for Algeria to deal with agricultural and industrial projects.