Monday, 05 June 2023 12:31 GMT

Arab Banking conf. calls for assessing losses due to wars in region

(MENAFN- Kuwait News Agency (KUNA)) BEIRUT, Nov 24 (KUNA) -- Arab Banking Conference 2017 called, at conclusion of its session on Friday, for setting a comprehensive survey and accurate assessment of actual losses caused by the wars erupted in the region.

This comes in recommendations issued by the conferees today, with the aim of beginning the phase of reconstruction in all areas affected by the wars.

The conference demanded the formation of a follow-up committee to communicate with the Arab League, international institutions and banking sectors to discuss reconstruction and development in the Arab countries, in addition to set up a regional bank similar to the Asian one for reconstructing the region and benefiting from experience of China's Silk Road to establish an Arab silk road for development.

The participants called for assigning the Union of Arab Banks (UAB) to unify stances by the public and private sectors, and set a joint development plan to revive economy in the Arab countries.

They affirmed the importance of investing in Arab countries for launching environmental, social and economic renaissance, and promoting education and scientific research.

They encourage the Arab banks, with their human and financial capabilities, to contribute effectively to boosting economic development and the projects of reconstruction in Arab countries.

The conferees called on international, regional and local relief organizations not to limit their efforts in providing basic needs of vulnerable people, and to direct relief plans to development aid through investing in education and health for the sake of millions displaced by the wars.

They stressed the importance of expanding Arab economic cooperation to turn it into joint investments and set up major cross-border companies and projects.

Meanwhile, Lebanese President Michel Aoun commended the participation of Arab countries at the annual Arab Banking Conference hosted by the Lebanese capital.

Lebanon's presidency said President Aoun considered that holding the conference in Beirut is an evidence of renewed confidence by countries in Lebanon, which enjoys security and political stability more than a year.

He indicated that Lebanon was not affected by the recent political developments occurred two weeks ago.

Aoun affirmed that maintaining the national unity and developing economic sectors are a top priorities of officials.

He referred to the importance of defeating the terrorist organizations in Lebanon and to eagerness of the Lebanese people on maintaining stability in their homeland.

For his part, Chairman of the Union of Arab Banks (UAB) Sheikh Mohammad Al-Jarrah Al-Sabah said despite the abnormal circumstances took place in Lebanon, which coincided with the time of the conference, "I came here and conducted contacts with representatives of Arab countries and we decided to hold the conference whatever the circumstances." Sheikh Mohammad said the situation here is safe, things are going well and the political problem has been resolved.

He added that Arab League Secretary General Ahmad Abul Gheit and Lebanese Prime Minister Saad Hariri attended the congress.

Sheikh Mohammad noted that the conference presented the "President Rafiq Hariri award for reconstruction," stressing the UAB support for keeping Lebanon on the economic map as an important financial center.

In a statement to KUNA, former Lebanese Economy Minister Alain Al-Hakim said development and reconstruction have big financial and economic costs, in addition to human costs, that should be taken into consideration.

He said focusing on building human capacities in the reconstruction process contributes effectively to restoring capabilities of countries weakened by the conflicts and wars.

Also, UAB Secretary General Wessam Fattouh told KUNA that the reconstruction process requires long preparations, so the union is working to open discussions on this file before the end of the wars, mainly the volume of destruction and damage is very large.

He pointed out that the union has been working for more than two years on reconstruction and development in order to set plans for a process, which gathers a wide range of international and regional institutions, so Arab countries have to get ready.

He hoped for ending the wars very soon to begin the reconstruction process, which is expected to begin first in Iraq and Syria, and then in Yemen.

The two-day event discussed Arab economic integration and several topics, which covered challenges of reconstruction in the Arab countries, funding development in these countries, the role of Arab banks and sovereign funds in financing process and others. (end)


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