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. Last Updated: 07/27/2016

Saudi Banks Chechnya

MONTANA, Switzerland -- Adnan Khashoggi, the globe-trotting Saudi business tycoon, announced plans on Friday to set up a joint investment bank to finance projects in Russia's breakaway Chechnya region and the Caucasus.

The Paris-based Saudi billionaire said during an international business forum in this Swiss mountain resort that the new Caucasus Investment Bank would have a paid-up capital of $100 million and be up and running by next year. "This region is an opportunity for us. We are establishing business links with Chechnya and Georgia, with Russia's blessing of course," Khashoggi said.

The bank will focus on oil, transport and telecommunications projects in Chechnya and neighboring Transcaucasus republics of Azerbaijan and Georgia as well as southern Russia, he said.