Economy News

Launch of the annual conference of the Union of Arab Banks in Beirut with the participation of Iraq

The Arab Banking Conference, sponsored by Lebanese Prime Minister Saad al-Hariri, started in Beirut on Wednesday morning with a broad Arab banking participation, including the presence of a prominent Iraqi banker, represented by a delegation comprising representatives of state and private banks and the Association of Iraqi Private Banks .

A delegation representing the Central Bank of Iraq, led by Deputy Governor Munther Al-Shaikhli, will participate in the conference .

The conference will be held this year under the theme “Public-Private Partnerships to Achieve Development Goals” in conjunction with the 45th anniversary of the Union of Arab Banks .

The conference was launched by the President of the Association of Banks in Lebanon, Joseph Tarabi, who stressed that the partnership between the private sector and the private sector is the economic lever for any sustained economic growth and ensuring decent living .

The opening ceremony was held on behalf of Lebanese Prime Minister Fouad Siniora, the former prime minister .

She then addressed the participants of the conference, which reviewed the importance of the banking sector in the economic advancement and sustainable development in the Arab world and achieve the required reforms of the economies of the Arab countries, noting the importance of partnership between the public and private sectors, especially in banking as an essential element for achieving development.

The words stressed the need to face the challenges facing the banking business in the Arab world and the risks to which it is exposed, including the search for innovative sources of financing, and achieve the goals of sustainable development in the economic, social and educational dimensions

The words called for providing an environment conducive to the success of the private sector and creating a balance between profitability and community service

The words proposed the establishment of a regional institution to activate the activity of the private sector and take practical steps to address the risks.

In his address to the conference, the Chairman of the Union of Arab Banks Mohammed Jarrah Al-Sabah stressed the importance of mobilizing all the energies of society, especially the public and private sectors to achieve real participation and development and provide services to society.

He called on the Arab countries to encourage the private sector and provide an environment conducive to economic and social development, attracting investments and achieving effective partnership between all Arab financial and economic activities.

For his part, Chairman of the Arab Monetary Fund Abdul Rahman Al-Humaidi pointed out that the partnership between the public and private sectors has become the concern of all Arab governments in view of the importance of this partnership and its great impact on the level of emerging economies and the fight against unemployment, which amounted to 15% throughout the Arab world .

He also stressed the importance of supporting small and medium enterprises and raising the efficiency of the public sector and achieving partnerships between it and the private sector, stressing the existence of significant opportunities for Arab banking activity in financing development projects, pointing to the importance and role of central banks in maintaining the value of national currencies against the basket of foreign currencies.

He reviewed the activities of the Arab Monetary Fund, including the Arab clearing system to encourage the use of negotiable Arab currencies, reduce the cost of remittances and enhance the confidence of correspondent banks in Arab banks.

For her part, Minister of Planning in Egypt Hala Al-Saeed reviewed the activities of Egyptian banks, especially investment in infrastructure projects, including solar energy projects and the establishment of new cities with economic and social dimension.

And limited government projects in supporting small and medium-sized enterprises and achieving managerial competition.

She pointed to the importance of developing the financial sector and its transition to digital transformation as one of the developmental goals, and achieving financial coverage to include all sectors of Egyptian society.

Fouad Siniora delivered the speech of Lebanese Prime Minister-designate Saad Hariri expressing his wishes for the success of the Arab financial and banking activity .

He stressed that there is no title to address the title of public-private partnership adopted by the conference as a logo

He pointed out that the increase in debts is one of the most serious challenges faced by Arab economies, noting the importance of achieving reforms, encouraging the private sector, financing projects, developing innovative methods in this field and not relying on government budgets. He urged institutional frameworks for the private sector in general and the private banking sector in particular. To provide the necessary capital to establish projects and create new jobs and create laws for public-private partnership to create a locomotive to lead the sustainable development and the formation of large investment opportunities

He noted the preparations made by the government to hold the Arab Economic Summit in Beirut soon, calling on the Arab financial and banking sector to participate extensively in the summit hosted by Lebanon.

At the end of the opening session of the conference, the Union of Arab Banks honored Abdulrahman Al-Humaidi, Chairman of the Arab Monetary Fund, and Mr. Abdullah Al-Saudi, Chief Executive Officer of Bahrain’s Financial and Investment Consultants. Source