Tailored financing to the Maghreb economies
Tunis, November 15, 2017- With an authorised capital of $ 500 million, the Maghreb Bank for Investment and Foreign Trade (BMICE) has informed today about the real take-off of its activities. The Bank, which settled in its Tunis based offices since May 9, 2017, has a $ 150 million subscribed capital, equally shared among founding members: Libya, Mauritania, Marocco, Algeria and Tunisia.
Officially created during its constitutive General Assembly on December 21, 2015 in Tunis, BMICE was engaged during the past few months in putting in place its organizational structures and staff recruitment.
Over the past weeks, the institution reached a new milestone with the completion of its strategic business plan which focuses on the financing of projects with direct impact on the Maghreb economies integration.
BMICE management indicated that the institution is now ready to consider financing requests from clients, making it clear that technical field missions are underway accross the member countries to identify investment opportunities in projects that have impact on the maghreb economies growth.
The Bank said it has a high level maghreb economic and financial expertise potential, highliting its close links with the local realities which represent a considerable asset to the execution of projects involving several maghrebian parties.
Regarding its financing policy, BMICE explains that Maghreb public and private sectors would benefit from a range of tailored financing instruments, including loans, funding lines, direct investment in companies’ equity and guarantees.
In response to the issues hampering the development of intra-Maghreb exchanges , BMICE has undertaken a range of studies and surveys that will serve as a work basis to elaborate policies and solutions to the regulatory and institutional barriers.
The Maghreb Bank for Investment and Foreign Trade (BMICE) is the new Maghreb bank created with the aim of strengthening the integration of the five countries of the Arab Maghreb Union (UMA).
Its creation is part of efforts to harness the potential and opportunities induced by the Maghreb economic integration in order to allow the countries of the region to benefit from alternative levers of economic growth, as well as the impact on their development.
The objective of the creation of the BMICE is to contribute to the building of a competitive and integrated Maghreb economy, through the development of intra-Maghreb investment and trade and by proposing solutions to the regulatory and institutional barriers.
PRESS Release N° : 2017/001/BMICE
- Taleb O. Sid’Ahmed MBareck, Advisor
- +216-99 333 151