President of the Association of Iraqi Private Banks Participates in the 2019 Arab International Banking Summit

A part of the 2019 Arab International Banking Summit

Economy News Baghdad

The President of the Association of Iraqi Private Banks, Wadih Al-Hanalal, participated in the Arab International Banking Summit ( IABS) of 2019 held in Rome, Italy.

Al-Hantal met a number of officials there and men from the Arab and international banking sector and briefed them on the latest developments in the Iraqi banking sector and highlighted the achievements of the recent period

Al-Hantal discussed with the attendees at the summit means of joint cooperation between the Iraqi and international banking sector and exchanging experiences.

The summit was organized by the Union of Arab Banks entitled “Euro-Arab Mediterranean Dialogue for a Better Economic Zone”.

The Chairman of the Union of Arab Banks, Sheikh Mohammed Al-Jarrah Al-Sabah, presented some indicators of the Arab banking sector, which includes 650 banks, with consolidated assets of $ 3.5 trillion in the first quarter of 2019, thus constituting 140% of the Arab GDP, which is very high.

He stressed that the Union of Arab Banks always aspires to be an Arab banking sector free from any conflicts or developments that may hinder its economic and social role, and to remain a strong bridge of communication with international banking and financial institutions and a platform for dialogue on all matters of common Arab action.

“For years, our region has been experiencing a decline in growth rates due to its dangerous geopolitical events,” said Joseph Tarbey, president of the Association of Banks in Lebanon. “The fireworks are 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 exhausted the domestic product of the countries concerned and have caused their economies to shrink and deteriorate. The influx of foreign direct investment has been affected by this negative environment in the face of international competition focused on attracting investments ».

“We look forward to this summit with the conviction that EU countries can only maintain their well-being when their immediate neighbors enjoy stability. We therefore call for opening the door to the entry of Mediterranean countries’ goods into European markets, benefiting from mutual investments and transferring knowledge. Skills and a broader understanding in the cultural, civilizational and humanitarian fields through cooperation in political, economic and social matters, leading to the establishment of a region of prosperity, peace and free trade.

“The European Union is called upon today to actively participate in the process of creating the productive identity of the region, in order to create a space that enjoys the well-being, stability and safety of all parties.”

Arab League Secretary-General Ahmed Abul-Gheit also stressed the Arab world’s economic problems related to competitiveness, business environment, employment and others.

“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, where investment opportunities, both domestic and foreign, are available, especially in employment-generating enterprises, Small and micro. 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. “

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