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Economic and Financial Rationale for a Regional Multilateral Bank for the Middle East and North Africa

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  • Wafik Grais

    (Viveris Mashrek)

  • Lorenzo Savorelli

Abstract

The MENA region has recently witnessed significant economic and financial development. Yet its trade and capital flows remain marginal on a global level, and risk perceptions and institutional underdevelopment are still a powerful obstacle to an increased access to capital markets, a better mobilization of savings and of long term finance for investment, especially large infrastructure projects. The paper argues that the creation of a regional multilateral bank for MENA could contribute to ease some of these constraints and to provide a powerful catalyst for increased capital flows, and that the recent attempt to turn this idea into reality, the MENABANK, currently on a shelve, deserves to be revamped.

Suggested Citation

  • Wafik Grais & Lorenzo Savorelli, 1999. "Economic and Financial Rationale for a Regional Multilateral Bank for the Middle East and North Africa," Working Papers 9928, Economic Research Forum, revised Sep 1999.
    • Handle: RePEc:erg:wpaper:9928
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