Arcapita Bank is set to sponsor the Banks in Bahrain' reception being held in conjunction with annual meetings of the International Monetary Fund (IMF) and World Bank Group in Washington on September 24.

The Banks in Bahrain reception is hosted by the Bahrain Association of Banks.

The event will highlight the progress and development of Bahrain's banking sector to global financial and business leaders and policymakers who are participating in the IMF -World Bank meetings.

'We are very pleased to support this event, which offers the opportunity to showcase Bahrain to the global banking community,' said Arcapita chief executive officer Atif A Abdulmalik.

'Bahrain's reputation as a trade and banking hub, with a strong regulatory framework and substantial talent pool, represents a clear competitive advantage in the region,' he added.

The annual meetings of the IMF-World Bank Group provide a forum for international discussion and co-operation on issues related to economic development and outlook, as well as effective aid and poverty reduction.

The meetings are also a forum for policymakers to meet with civil society organisations and the private sector.

The event is expected to attract more than 13,000 participants from around the globe.

On March 31, Arcapita reported results for the first nine months of its fiscal year 2011, turning in an income of $42 million over the period.-TradeArabia News Service