Arab Banking Federation Plans to Launch Project to Restructure Syrian Banking Sector with a European Partnership

Economy

The Secretary-General of the Federation of Arab Banks, Dr. Wissam Fattouh, announced the Federation’s intention to launch a project to restructure the Syrian banking sector with a European partnership.

Dr. Fattouh confirmed to the Saudi Economic Newspaper that there are serious plans to implement the project amid ongoing contact with Central Bank of Syria officials to explore ways to perform these plans.

He added that the former regime left a heavy economic burden, the new government will face in the next stage, which represents the most prominent challenges.

Fattouh pointed out that the project takes 3 years and includes the development of the infrastructure of the banking sector and the training and qualification of banking cadres in cooperation with the German central bank.

He pointed to the need for effective strategies to address debt through the establishment of companies specializing in the management of troubled assets, a model used by other countries such as the United States and Malaysia.

Fattouh went on to say that one of the possible solutions is to allocate part of the uncollectible debt to Troubled Asset Management Companies, which helps to reduce the effects of the financial crisis.

“The Syrian banking sector needed to strengthen capital to enable it to take on increased risks, while gradually privatizing public banks to improve efficiency and increase confidence.”

He added. It is noteworthy that the Union of Arab Banks is an organization responsible for enhancing cooperation among Arab banks, developing Arab financial businesses and enhancing the financing role of Arab banks in the Arab world.

 

Amal Farhat

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