Arab economic development bank meets in Casablanca

The board of governors of the Arab Bank for Economic Development opened in Casablanca Wednesday a meeting behind closed doors.

A bank official told the press the three-day meeting will examine some administrative and financial issues and the advancement of some projects.

He added that the board is expected to make decisions on the financing of some project proposals and technical assistance operations.

The Khartoum-based bank has a capital of $1.5 billion. The board comprises nine permanent members: Saudi Arabia, the United Arab Emirates, Algeria, Iraq, Oman, Qatar, Libya, Egypt and Morocco, in addition to three other elected countries.

According to a 1998 report, the bank has earmarked over $1.84 billion to the financing of 202 development projects and has contributed technical assistance to other projects and feasibility studies.

As part of its 1995-1999 third five-year plan, the bank financed mostly social projects of education and health.