CASABLANCA -- Israel, Jordan and Egypt agreed to set up a joint private investment bank for the Middle East during an economic conference in Casablanca, Israeli Foreign Minister Shimon Peres said Tuesday.


"There are many deals," Peres told reporters. "A private investment bank in the Middle East was established yesterday involving three countries Egypt, Jordan and Israel."


The conference had also agreed in principle to set up a regional development bank for the Middle East, Peres said. The joint bank agreed between the three countries would be separate, he added.


The private investment bank will be the first joint bank between Israel and Arab nations since the Jewish state was established in 1948. Egypt was the first Arab state to sign peace with Israel and Jordan signed a treaty last week.


Peres, speaking to reporters before entering the final session of the Middle East and North Africa economic conference, also said Jordan and Israel had agreed to undertake a feasibility study to convert the airport at the Red Sea port of Aqaba into an international airport serving both countries. He did not say which banks in the three countries would be involved in the joint banking project.


Some 2,000 politicians and business leaders from around the world are taking part in the Casablanca conference which aims to build new economic bridges in an area at peace for the first time in nearly half a century.


Israel had also concluded agreements in tourism with various countries, Peres said, but he did not name them.