The Maghreb Bank for Investment and Foreign Trade officially launched
It has an initial capital of $150 million.The official launch of the Maghreb Bank for Investment and Foreign Trade (BMICE) was held on December 21st in Tunis.
The project, discussed for the first time in the 1990s, has been delayed several times.
With an initial capital of $150 million (€137 million), the bank's mission will be to finance joint projects across the five member states of the Arab Maghreb Union (AMU - Morocco, Algeria, Tunisia, Mauritania and Libya).
These projects will focus on infrastructure, telecommunications, transport and electricity.
The bank is expected to strengthen the intra-Maghreb economy through trade, while improving the flow of goods and capital between the countries of the union.
The scope for growth is important since the rate of exchange between these five countries currently stands at only three per cent, according to a study by the World Bank.
The study adds that the losses caused by this low trade integration amount up to three per cent of the annual gross domestic product in the region.