Middle East Development Bank

Middle East Development Bank

A proposed bank intended to promote economic and regional development in the Middle East. It was suggested by the United States and regional partners in the mid-1990s but was never actually established.
References in periodicals archive ?
One of the key projects envisaged under the series of Middle East and North Africa economic summits held in Casablanca (1994), Amman (1995), Cairo (1997) and Doha (1998) was the concept of a "Middle East Development Bank".
However, creation of the long-awaited Middle East Development Bank - originally to be launched with $10 billion in capital - is to be deferred for at least another year.
The establishment of a Middle East Development Fund, as a first step, and a Middle East Development Bank, as a second step.
A regional cooperation facility is better targeted and more realizable than a mooted Middle East Development Bank. Such an organization would face many problems, not the least of which would be Israeli participation.
A proposed Middle East development bank is still on the drawing board, and backers say it will be established by October, with initial capitalisation of about $5bn.
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