Opened the «Arab Banking Summit – International» business in the Italian capital Rome, in the presence of representatives of 24 Arab and foreign countries from the financial sector and banking, and the Group of Eight in the presence of Deputy Minister of Foreign Affairs of Italy Stefana Craxi, the Finance Minister of Jordan, Mahmoud Abu Hammour and former Lebanese Minister Adnan Kassar, and a gathering of central bankers, the Arabs and the executive heads of the banks, Arab and foreign countries in Europe and the World Bank Vice President and a large number of heads of federations of Arab and foreign banks, in addition to the President of the Union of Arab Banks Adnan Yousif, Chairman of the International Union of Arab Bankers Joseph Tarabay
And Joseph gave a speech in which he spoke for the Arab reality, saying «it is pointing to the conditions and new regulations». He said that quick step required now is to strengthen the economies of the region facing a bumpy road as a result of high rates of unemployment and price increases, which requires serious research to find more jobs ». He said: «This is what makes us a new wave of unemployment, which may reach next year to 12 percent of the total number of unemployed Arabs are about 20 million, an increase of two million», stressing the «fight against corruption, as a first step to address the economic crisis that caused the unrest in the region.
He noted that the crisis of sovereign debt in some European countries, and measures taken to stabilize the economic situation, the EU and the International Monetary Fund led to the weakening of many of the emerging trends that are important to the Middle East and North Africa ». He said: «If we go back a little bit back and we look to historical precedents for failure to repay sovereign debt, which is very much like the situation the current European, the solution may be to reproduce the« Plan Brady »which may constitute a good model of the crisis of European countries», asking: «What which prevents the rush to launch a rescue operation similar may lead to the development of the debt crisis the European of a solution, a plan, the Treasury secretary the previous Nicholas Brady, who develop a methodology for banks in Latin America obtained under which banks on the list of options, including lower interest rates on the debt, and led to the transfer of debt to form bonds, guaranteed in part by the U.S. Treasury bonds are freely tradable, have been written off 30 per cent of the debt after four years to reach the maximum of the crisis?
Torbay also spoke of witnessing what Arab countries, in the hope that «followed by the stability of our region to help restore economic activity and well-being». The challenges associated with these changes is an urgent call to take a series of reforms at all levels, saying: if we identify a common goal of all these reforms and movements, we see they are all seeking stability. This is perhaps the password that all we aspire to be devoted and secure the sustainability » , saying that «the development of economic relations between the countries of the European Union and the Middle East and North Africa, requires us to focus on two main areas: supporting the private sector and create a favorable environment for investment.
He stressed that Arab banks, as the real engine of growth and development and the arms of Finance in each country, able to effectively contribute to the financing of projects of reconstruction and development in the countries where they exist, what would be a solid support for the stability of communities and community groups, and events proved that our peoples share the same dreams and seek the rights and human values themselves.
He continued: As for investment opportunities, the Arab region has vast reserves of potential and human and natural resources. Vemogodat Arab banking sector at the end of 2010 exceeded 3000 billion, almost the deposit base of $ 1.5 billion, while total lending to 1.1 billion dollars .