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Chidiac at the Arab Banking Summit: in line with the World Bank guidelines DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Chidiac at the Arab Banking Summit: in line with the World Bank guidelines

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Chidiac at the Arab Banking Summit: in line with the World Bank guidelines Empty Chidiac at the Arab Banking Summit: in line with the World Bank guidelines

Post by claud39 on Sun Jun 30, 2019 9:53 am

Chidiac at the Arab Banking Summit: in line with the World Bank guidelines


Chidiac at the Arab Banking Summit: in line with the World Bank guidelines Rc_156161666365_23

The Arab International Banking Summit (IABS) was launched in 2019, entitled "Euro-Mediterranean Mediterranean Dialogues for a Better Economic Area", organized by the Union of Arab Banks. 
Minister of State for Administrative Development Affairs Mehdi Chidiac, President of the Association of Banks in Lebanon, President of the International Federation of Arab Bankers, Dr. Joseph Tarbih, Secretary General of the Union of Arab Banks, Wissam Fattouh and Bankers will participate in the Summit.

The Chairman of the Union of Arab Banks said: "The Arab International Banking Summit, which is being held between the capitals of international resolutions in Paris, London, Rome, Berlin, Budapest and other international capitals, is a message in which we are trying to establish Arab-European banking cooperation and deepen To develop relations with decision-makers and to participate in it, to benefit from expertise and competencies and exchange experiences, and to reach a sustainable dialogue, which is based on a solid foundation of economic, banking and financial relations on a solid basis, political and economic dialogue at various levels, Stability in the Mediterranean region '.

He added: 'I am interested in this urgent to introduce some important indicators of our Arab banking sector, which includes 650 banks, the consolidated assets amounted to $ 3.5 trillion in the first quarter of 2019, and thus constitute 140% of the volume of Arab GDP, Too high. Total deposits amounted to about $ 2.2 trillion, equivalent to about 80% of the size of the Arab economy, and property rights reached about $ 410 billion, achieving a growth of about 2% by the end of 2017. It is also estimated that the volume of credit injected by the Arab banking sector reached $ 1.9 trillion, accounting for about 70 percent of Arab GDP. These figures indicate the great contribution of the Arab banking sector in financing the Arab economies despite the continued security, economic and social turmoil in a number of Arab countries.

He stressed that the Union of Arab Banks always aspires to be an Arab banking sector free of any conflicts or developments that may hamper its economic and social role, and to remain a strong bridge of communication with international banking and financial institutions. The Arab banking sector is also keen to strengthen its banking exchanges in Europe within the framework of a broader vision for developing relations, enhancing openness, banking and financial cooperation, and investing the opportunities offered by this cooperation to reassure investors and stimulate the economy, especially in the light of a banking sector that is developed and open to the world. More aggressive and positive data '.

"The well-being of people and their standard of living are based on the economic growth and development of their countries," said Chidiac. Growth and development are based on the development of business, investment, commercial and banking activities, which in turn require basic requirements such as: a dynamic and proactive private sector, an efficient and efficient public sector, a good and developed business environment, good governance, rule of law and, of course, political and security stability. However, most of the Arab countries are now in difficult circumstances, with the nightmare of war and displacement. It needs a lot to restore normalcy. Thus, a large number of Arab countries, mainly Lebanon, suffer from the lack of the requirements I mentioned. As a result of the political bottlenecks, the internal security shocks experienced by Lebanon over the past decade and a half, and the wars around it, Lebanon's ranking has declined in most of these indicators.

 Lebanon ranked 142th globally in ease of doing business, 138th in corruption control index, 130th in infrastructure quality, and 135th in waste in government spending. All this has led to the difficulty of carrying out economic and financial activities, and the decline of investments significantly, which contribute to increase growth and combat unemployment and poverty '.

"In the face of all these difficult circumstances, we are working day and night in the Lebanese government. We are making great efforts, effectively, efficiently and transparently, to reduce the budget deficit, reduce public debt, improve public sector governance and enhance transparency in decision-making. This is based on our belief that administrative development is one of the most important modern concepts prevailing today, which has become one of the goals that governments, societies and organizations seek and achieve. This is a process of continuous development that encompasses all aspects of life and aims mainly at raising and reaching human life. Degree of well-being '.

"Successful management in any country in the world is indeed the backbone of the economy and a gateway to success in attracting investments, reducing deficits and increasing growth and development," she concluded. Therefore, the Lebanese government is actively pursuing the necessary reforms to address the economic crisis, especially in terms of management reform in line with the guidance of international institutions, especially the World Bank.

For his part, Tarbi considered that Europe has "an interest in the economic prosperity of our Arab countries because there is mutual benefit in view of the positive reflection of economic development on social, political and security stability in the region, which by its wealth stands at the highest economic level. In addition to the Gulf states, we are seeing in the Arab world the emergence of new regional oil and gas centers, some of which are starting to happen as in Egypt, and others are in the way of verification, as is the case for Lebanon soon, and perhaps also other Arab countries. But in the past few years, our region has been experiencing a decline in growth rates due to its dangerous geopolitical events, with firecrackers racing to put the region on the edge of the abyss. Nor do we forget the sanctions imposed on the behavior of some countries. Those sanctions have eroded the domestic product of the countries concerned and their economies have contracted and the currency has deteriorated.

He added: "The banking relations - the European, historical relations dating back decades, where Arab banks today spread between branches of foreign banks and subsidiaries, branches of banks and subsidiaries, largely on the European continent, starting with the United Kingdom, France, Switzerland, Germany, Italy, Belgium, Spain and Cyprus, To the Netherlands, Belarus, Malta, Monaco, Romania, Luxembourg and Russia. In contrast, branches of major European banks are located in several Arab countries. As for trade relations, Europe has become the second largest trading partner of the Arab countries with a share exceeding 25% of the total Arab trade. The Gulf Arab states also have huge investments in Europe in various fields, such as banks, hotels, real estate, energy companies, airlines and others. While European investments appear to be very limited, with only 1% of European foreign investments. '

He added: "Through dialogue forums between us and Europe, we call for changing the previous European priorities, which were aimed at reducing migration in exchange for meeting the needs of the Arab countries concerned through funding programs and assistance.

 What we are looking for is deeper relations based on the strategic partnership through working to end the military conflicts in the region and work towards achieving a just peace, as well as economic partnership and in the fields of human resources development, preservation of the environment and climate, combating money laundering and organized crime to transform the region The Mediterranean, which brings us together into a stable region where we all enjoy peace and prosperity. " It is imperative:

"When we talk about the Mediterranean, we refer to a small lake that does not exceed 1 percent of the world's surface," he said. But the banks of this sea have witnessed, as we know, the birth and prosperity of human civilization, there is no idea or a great doctrine but has an origin around the Mediterranean, which was, and still is today, a transit of goods and ideas and human beings, and a benchmark for trade exchange and cultural cross-fertilization in all directions, "The Mediterranean is a massive human gathering of 500 million people, who produce about 10 percent of the world's output and account for about 20 percent of the world's maritime trade.

He said: "The Arab world suffers from economic problems related to competitiveness, business environment, employment and others, and all of you, as the economy, money and business, are fully aware of the nature of these problems and the resulting social and political crises. However, the new one I have today is the willingness of change and reform in many governments and Arab leaders.

 It is recognized that the required reform requires fundamental changes in government administration and economic efficiency. Reform also requires a direct response to the problems inherent in the Arab economies for decades, not evading, circumventing or addressing them in a timely manner. And I see this new spirit is very clear in a number of reform programs initiated by Arab governments at the current stage, and some of these governments took a very advanced position on the Global Competitiveness Index and some of them have achieved significant successes in terms of development in a comprehensive sense, 'adding: The first priority for Arab governments today is to raise employment rates, especially among young people.

 This requires creating an environment conducive to innovation, an incubator for innovation, and where local and foreign investment opportunities are available, especially in employment-generating enterprises, as well as in SMEs. . This innovative economic environment can not be launched without a new philosophy for the banking sector and the financial system that will allow funding for such projects, both emerging and small, through various financial and banking instruments. '

He added: "The conference today is a rare opportunity to talk about a real partnership between the Arab and European sides at the banking level in particular and in order to pave the way for the exchange of experiences and best practices and establish a basis for close cooperation in this important sector, The Arab region needs not only investments or financing, but also new expertise in financial instruments, financial technology, financial coverage and more. The European side undoubtedly needs to inject fresh vitality into its post-austerity and post-financial economies. I believe that the promising Arab market is an ideal destination for European countries, especially the Mediterranean ones, not only as a huge consumer market but mainly as a destination for investment, partnership and employment in many emerging projects and sectors such as energy, information technology and traditional industries.

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