WB Named National Agent for Arab-Trade Financing [Archives:1998/44/Local News]

November 2 1998

Valued at US$50 million, the Inter-Arab Trade Financing scheme was established in 198 by the Arab Monetary Fund and Central Banks of Arab states. On 22th October, 1998, the Central Bank of Yemen named the Watani Bank for Trade and Investment (WB) as the national agent. On October 26th, the WB set up a YR 750 million facility for this purpose. 
“It is not an accident that our bank was chosen for this purpose,” said Dr. Ahmed Al-Hamdani, Chairman of the bank. The bank distributed application forms and announced that it will finance up to 85% of the value of the import or export deal.