BEIRUT, Nov 23 (KUNMA) -- The annual Arab Banking Conference 2017, kicked off in Beirut on Thursday under the theme "A Twinning Partnership: Reconstruction and Development" with participation of key Arab economic and financial officials.
Addressing the opening of the 23rd conference, Lebanese Prime Minister Saad Al-Hariri stressed the importance of Lebanon's ties with the Arab countries.
The relations with the "Arab brothers have to be the base," Al-Hariri said, adding that they must look at all means to reach the point where "Lebanon is self-governing, in practice, and not just in rhetoric." He emphasized his hard endeavors to maintain stability in Lebanon, reiterating that he was following the steps of his father, late premier Rafiq Al-Hariri.
He lauded success of Lebanon's Central Bank Governor Riad Salameh for maintaining the Lira amid the recent political developments in the country.
For his part, Arab League Secretary General Ahmad Abul-Gheit said that the ongoing conflicts in some Arab countries would extend to neighbors.
The cost of the destruction caused by the local conflicts and fighting in the Arab countries since 2011 has exceeded USD 640 billion, he said.
Reconstruction is a chance to develop a coordinated Arab effort, he said, adding: "Only Arabs will build the Arab cities." He called upon the Arab banks to devise new financing mechanisms for the extraordinary circumstances." The conference aims to adopt an integrated initiative for reconstruction and development in the Arab World, with the participation of governments and the private sector, said Chairman of the Union of Arab Banks (UAB) Sheikh Mohammad Al-Jarrah Al-Sabah.
It is high time for a regional strategy for reconstruction, he added, referring to the need to a collective vision that musters human and financial sources in the region.
Sheikh Mohammad Al-Jarrah pointed to the UAB efforts to enhance the culture of investment in sustainable capabilities on the national and regional levels, remedying economic and social issues within a cohesive regional vision.
The Arab economy is at a major crossroads as the world recovery offers an opportunity for reviving the economy of the region, which is trying to adapt with falling oil prices and ongoing conflicts, Director of the IMF's Middle East and Central Asia Department, Jihad Azour told the conference.
He proposed a roadmap for the coming period in the region, based on stability as access to prosperity, guaranteeing solidity of the economy and embracive growth, using technology as access to economic transform in the region, education, and improving governance.
The two-day conference offered Al-Hairi its annual award for development and reconstruction.
Egypt's Tariq Aamer was awarded the prize of the central bank governor of 2017. The achievement prize went to former executive president of the Central Bank of Oman Hamood Al-Zadjali and former advisor at the US Fed Sarkis D. Yoghourtdjian (end) ayb.msa