Banks of Arab Maghreb meet

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The Libyan Secretary for Finance, Mohamed Haweij, on Thursday evening met the chairman and members of the Board of Directors of the Union of Banks of the Arab Maghreb Union (UMA) to discuss member states’ economic and monetary integration process as well as the necessity to create a single currency.
Sources said they stressed that economic integration and a single currency had the potential to ensure a developed banking environment and attract foreign investments needed for economic and social development in UMA member countries, namely, Algeria, Libya, Morocco, Mauritania and Tunisia.
They also stressed the importance of participation in the financing of small institutions based on plans and programmes aimed at promoting complementary relations between the economies of UMA member countries and the substitution of foreign banks by Maghreb banks. They agreed to work towards the establishment of institutes and institutions to train executives in UMA member countries in order to end reliance on foreign training institutions.

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