• Short Summary

    Finance Ministers from fifteen Arab nations gathered in Cairo on Sunday (17 February) to establish an Arab Bank for African Economic Development.

  • Description

    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).

  • Tags

  • Data

    Film ID:
    VLVA4S5C2VBM82OIP2T18V3IVRA1A
    Media URN:
    VLVA4S5C2VBM82OIP2T18V3IVRA1A
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    17/02/1974
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:06:00
    Time in/Out:
    /
    Canister:
    N/A

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