The Maghreb Bank for External Trade (BMCE), which seeks to finance major infrastructure projects common to the five countries of the Arab Maghreb Union will start operation next March.
This was announced at the end of the 5th conference on economic integration within the space of the Arab Maghreb Union (AMU), which ended in Nouakchott, the Mauritanian capital, on Wednesday. Among those present was the Director General of the International Monetary Fund (IMF), Mrs. Christine Lagarde.
BMCE, with a capital of 100 million US dollars, whose shareholders are AMU member countries (Algeria, Libya, Morocco, Mauritania and Tunisia) will have its headquarters in Tunis with agencies in the different capitals.
The creation of the new bank follows a new approach in conformity with the African Union (AU) recommendations in its policy which consists of establishing and consolidating big sub-regional projects.
The Nouakchott meeting was organized by the Central Bank of Mauritania (BCM), in collaboration with the IMF.
It was under the theme “Inter-state investments, direct internal investments and their impact on employment in UMA countries”.