Creation of a bank and a monitoring committee on economic integration in the Maghreb region

Jan 15, 2013

The fifth regional conference on Maghreb economic integration, which took place on January 8th and 9th in Mauritania, led to the creation of two new institutions aimed at strengthening economic integration in the region.

The fifth regional conference on Maghreb economic integration, which took place on January 8th and 9th in Mauritania, led to the creation of two new institutions aimed at strengthening economic integration in the region.

The governors of central banks of Algeria, Libya, Mauritania, Morocco and Tunisia have decided to set up Maghreb Bank Investment and Trade (BMICE), with a starting capital of $100 million (€ 76.7 million).

They also decided to create a committee to monitor the process of economic integration in the region.

With a rotating annual presidency, it will be composed of two members per country, a member from the Arab Maghreb Union (UMA) and a representative of the Maghreb Employers Union, Jeune Afrique newspaper reports.

It will present quarterly reports on the progress of economic integration in the Maghreb, with the participation and technical assistance of the International Monetary Fund. The first meeting will be held in Nouakchott in March.

The creation of these institutions should accelerate the process of economic integration in the Maghreb, thereby contributing to financial sector development in the region.ADNFCR-2976-ID-801522271-ADNFCR