Maghreb investment bank opens end of year, New AMU bank based in Tunis| glObserver Global Economics

The Maghreb Bank for Investment and Foreign Trade (Bcmice) will be operational by the end of December in Tunis, Rabat Kouider Lahoila, expert of the direction of economic affairs at the Arab Maghreb Union (AMU), has announced. He stressed that UMA taking a concrete step in the financial sector signified evolution for it.

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The agreement that set up UMA dates back to 1989 but the Union only became effective in 2006. Its implementation, however, was long halted due to tensions over western Sahara between Morocco and Algeria. The new bank should allow to harmonize trade between the whole Maghreb area and European Union nations, currently regulated by accords with single states.

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Author: globserver

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