P.M. Briefing : Albania Gets Joint-Venture Bank
The Albanian State Bank and a Swiss financial institution have signed an agreement creating the first joint-venture bank established by the Marxist nation, the official news agency said today.
The newly created Iliria Bank is to help channel into Albania foreign capital critical to reviving the tiny Balkan country’s moribund economy through construction and renovation of industries and expansion of foreign trade, the Albanian Telegraphic Agency said.
The bank, to be based in the Albanian capital, Tirana, will begin operating in January, the agency said in a dispatch monitored in Belgrade.
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