GCC CENTRAL BANK PROCEDURES IN FINAL PHASES

.....GCC Central Bank in Saudi Arabia

12/18/2011

GCC Central Bank procedures in final phases

Kuwaiti Finance Minister Mustafa Al-Shemali reiterated here on Sunday that the establishment of the GCC Central bank is in its final phases, pointing out that the concerned states which joined the GCC union are implementing this agreement.

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Al-Shemali told reporters following a meeting of the GCC finance ministers that the GCC Customs union procedures are proceeding well and that a timetable has been set as of next year till 2015 to activate the union's agreement.

Concerning the railroad network, Al-Shemali said that the railroad network will be a reality and "you will see the train taking off from Kuwait to Salalah" according to what has been agreed upon.

The finance ministers submitted, during a joint meeting with the GCC foreign ministers, their recommendations to be referred to the GCC summit tomorrow.

On the other hand, Yemeni foreign minister Abu Bakr Al-Qorbi joined the meeting of the GCC foreign ministers currently convening here.
Diplomatic sources said that Al-Qorbi was carrying a letter to the council without revealing the nature of the letter.

They expected that Al-Qorbi would extend his country's thanks to the role of the GCC in ending the Yemeni crises.

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