UN-ESCWA Executive Secretary Mervat Tallawy hoped the participation of Arab banks in the reconstruction of Lebanon would be one of the first to spark off this process. She commended the outstanding achievements of the Arab banks over the last few years within the national and regional economic sphere. Tallawy noted, “We have a significant example of this, namely the award given to Lebanese Central Bank Governor Riad Salameh. It shows we can rise to the challenge and succeed.”

ESCWA headquarters in Beirut yesterday hosted the annual celebration of the Lions Day with the UN, in the presence of a host of official, diplomatic, cultural, media and social figures.
Speaking at the opening ceremony were ESCWA Deputy Executive Secretary Nadim Khoury, Lions Clubs District 351 Governor Nabil Rousse, and “Lions Day with the UN” District 351 Chairman Amine Hacha.

‘The State of Financing Development in the Arab region’ reveals that on average, for every $1 gained/mobilized through prime cross-border channels of financing for development (FfD), the Arab region lost/returned $2.5 to other regions, including high-income bracket economies. The situation challenges the dominating development narrative as the region appears to be witnessing an ‘FfD reflux’. Substantial resources are flowing out rather than into the region, constituting substantial leakages or, at best, an opportunity lost to finance the region’s own reconstruction and sustainable development imperatives.