Arab bank union mulls post-WWII like reconstruction
CAIRO – Anadolu AgencyThe Union of Arab Banks (UAB) is mulling a plan to finance reconstruction activities in four war-torn Arab states - namely, Syria, Iraq, Yemen and Libya - according to a senior UAB official.
“The plan’s objectives are akin to those of the Marshall Plan for the reconstruction of Europe following World War II,” Zakaria Hammoud, an advisor to the UAB’s secretary-general, told Anadolu Agency on April 28.
The plan aims to forge “a new strategy for UAB member banks to fund reconstruction activities in four Arab countries,” Hammoud said, noting that the project would launch once the situation on the ground in the countries in question was “clear and stable.”
According to Hammoud, the four targeted countries will require a combined total of $3 trillion worth of reconstruction funding in order to restore them to their pre-crisis status and achieve economic growth.