PHOTO
Arab banks need to play a bigger role in regional projects procured under the public-private partnership (PPP) model, a report by the Union of Arab Banks (UAB) said.
Representatives of banks and other Arab establishments issued the recommendation at the end of a two-day conference organised by the UAB in the Saudi capital Riyadh this week.
In its report it published on Wednesday, the Beirut-based UAB said the participants emphasised the need for “greater role by regional banks in projects in the Arab countries.”
“There is a need for Arab banks to play a bigger role in economic diversification plans and projects in the Arab region through a set of initiatives including contributing to those projects on PPP basis,” the UAB report said.
“The participants also saw a need for enacting legislations that will allow Arab banks to fund infrastructure and energy plans, besides major projects in member states.”
In a paper presented to the conference, UAB Chairman Abdul Rahman Al-Humeidi said Arab banks control nearly $4.1 trillion in domestic and foreign assets.
(Writing by Nadim Kawach; Editing by Anoop Menon)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
