Arab Banks Union meets in Beirut, pledges support for crisis-hit banking sectors

The Executive Committee of the Union of Arab Banks convened in Beirut under the chairmanship of Joseph Torbey, with the participation of Secretary-General Wissam Fattouh and all committee members representing seven Arab countries: Saudi Arabia, Kuwait, Jordan, Oman, Morocco, Lebanon, and Sudan.

During the meeting, the committee discussed the pre-set agenda and approved a series of key decisions and recommendations. 

Among them was a commitment to offer technical advice and support to the banking sectors of countries that have experienced or are still facing crises. 

These discussions were part of the preparations for the Union's upcoming Board of Directors and General Assembly meetings, scheduled to take place in Cairo on April 28 and 29.

In his opening remarks, Torbey welcomed the committee members and praised their ongoing commitment and dedication to strengthening joint Arab action in the banking sector. 

He reviewed recent developments across the Arab region and their direct impact on several member states' economic, banking, developmental, and social conditions.

Torbey emphasized that the Union of Arab Banks has, over the past years, successfully established itself as a unifying Arab umbrella to protect and support the Arab banking sector. 

He stressed that the current period requires bold initiatives and flexible responses to evolving challenges, especially in countries undergoing sensitive circumstances.

He also noted that the Union will intensify its efforts in the coming period to help compensate Arab banks affected by disruptions in training and development programs. 

This will include providing technical and practical support and organizing specialized workshops in neighboring countries to enhance the banks' capabilities in regaining balance and making progress.