Mideast Bank Lacks Currency Proposal for Regional Institution Neglects Palestinian Development Needs, Critics Warn

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PLANS for a $10-billion Middle East-North Africa Development Bank are running into political and economic resistance.

The bank, strongly advocated by the United States and backed by Israel, was touted at the Middle East-North Africa Economic Summit in Morocco last week as one that could serve as a focal point for developing regional trade and investment and promoting a greater flow of people among the nations.

As well as opposition from Saudi Arabia and some of the Gulf states, there are growing concerns that the bank might not provide the appropriate mechanism for ensuring economic development in the Palestinian self-rule territories - particularly the deprived …