Finance Ministers from fifteen Arab nations gathered in Cairo on Sunday (17 February) to establish an Arab Bank for African Economic Development.
GV EXT Arab League building
SV Riad speaking with Zanawany
SV Lebanese and other delegates waiting to enter meeting
GV Ministers entering conference room
SV Riad seated
GV Ministers seated around conference table (5)
Initials SC/206 SC/220
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Background: Finance Ministers from fifteen Arab nations gathered in Cairo on Sunday (17 February) to establish an Arab Bank for African Economic Development.
Aimed at consolidating Arab-African relations, the bank will have an initial capital of 206,000,000 dollars (86,000,000 pounds sterling).
The funds will be used to build up the economies of developing African States.
Moves to establish the bank followed the massive oil price increases introduced by the Arab nations. The African states were amongst the hardest-hit by the price increases which threatened to destroy their plans of economic expansion and independence.
The largest contributors to the bank so far have been Libya, with 40,000,000 dollars (17,000,000 sterling), and Iraq with 30,000,000 dollars (12,500,000 sterling)
Jordan has proposed that the bank's headquarters be established in Khartoum, the capital of the Sudan.
The meetings were scheduled to continue on Monday (18 February).