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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 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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