Bankers propose the creation of the first Arab fund to finance green projects

Arab bankers on Friday proposed the creation of the first "Arab Fund" to support eco-environmental projects to cope with the changing changes in climate change.

Dr. Saad Al-Anhari, Deputy Governor of the Bank of Lebanon, Sustainable Development "organized by the Union of Arab Banks in cooperation with the Egyptian Central Bank – Arab funds financed by this fund, whose value should not be lower to two billion dollars, highlighting the need to support and fund environmental projects to reduce thermal emissions Endari, z For its part, Gamal Najem, deputy governor of the Central Bank of Egypt, stressed the need for central banks to support green banks, that is to say provide funding to support clean energy.The environment needs practical solutions directly. "

In his speech, Najm has not ruled out that "green banking" is part of the bank's badessment by the CBE, referring to several central funding initiatives such as financial inclusion and bench services areas.

In turn, Najib Saab, Secretary General of the Arab Forum for Environment and Development, unveiled some preliminary results of the report on sustainable development in the Arab countries that should be published in November, indicating that the report estimated Arab Region at $ 230 billion a year to reach The Secretary-General of the Arab Forum for Environment and Development said that given the effects of instability in the region on the implementation of the goals of sustainable development, it is expected

One of the main obstacles to financing sustainable development is that the Arab region is a source of capital: for every dollar entering the region through to foreign investment flows, $ 1.8 is actually reinvested abroad by the Arabs.

] And attracted Najib Saa, The importance of issuing green bonds to finance environmental projects, and said that the annual increase in the issuance of these bonds 14 times, from $ 11 billion in 2013 to $ 155 billion in 2017.