Union of Arab Banks: There are discussions to establish a bank with capital of 500 million dollars for the reconstruction of Iraq and Syria

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The Secretary-General of the Union of Arab Banks, Wissam Fattouh, revealed Thursday, the Arab efforts to establish a bank to rebuild Iraq and Syria in coordination with China, stressing that the capital of the bank will be 500 million dollars.
Fattouh said in an interview that “discussions and dialogues are continuing between the Union of Arab Banks and the Chinese side with the participation of Iraqi and Lebanese and Jordanian and Egyptian related to the establishment of a bank to undertake the reconstruction of Iraq and Syria.”
He added that the capital of the bank will be initially 500 million dollars, pointing to the need to confirm cooperation between the Union of Arab banks and the Central Bank of Iraq and the Association of Iraqi private banks in terms of awareness and training for all cadres of the Iraqi banking sector.
The Secretary-General of the Union of Arab Banks, expressed his admiration for Iraqi banks that enjoy the highest levels of infrastructure, stressing that this positive image enjoyed by the Iraqi banks must be transferred internationally.

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