Wissam Fattouh, Secretary General of the Arab Banking Union, said 2020 will witness the launch of an Arab-Chinese investment bank with a capital of $ 500 million.
Fattouh pointed out that the United Arabs Union has been in contact with the Chinese side for more than two years to start the Arabic investment bank's business and services, particularly in the world's major economic and commercial sectors and interested in investing in the Middle East.
He pointed out that the population between China and Arab countries is about 37% of the world's population because China has 1.4 billion people and the Arab population is about 400 million people with a total population of 1.8 billion. We provide strong financial services with strong trade and investment between the two sides.
He stressed that although the trade volume between Arab countries and China is quite large from 2007 to 2014, but that is not necessary, he is moving China to a Chinese bank to build an Arab-Chinese bank.
Fattouh said last week he signed several MOUs with the International Silk Road Chamber on Foreign Trade Promotion Council and the Silk Road Memorandum of Understanding (MOU) to establish an Arabic Chinese platform.
Fattouh has witnessed an important agreement in the month of October to establish an Arab-Chinese investment bank, and Arab and Chinese banks are expected to donate to the bank.
He added that the Bank is interested in investing in China Bank, European Investment Bank and a number of Arab banks in Lebanon, Jordan, Egypt and Gulf countries. It will be based in one of the Arab countries.
He said the bank's goal is not only to fund infrastructure projects in Arab countries and start investment projects, but also to work together with governments in countries such as Yemen, Iraq, Syria and Libya, "He said, referring to financing for the reconstruction of the Arab state.
Fattouh confirmed that there will be detailed discussions on Chinese banking and new banking projects at Arab Finance and Banking Week from 13 to 16 November in Beirut in celebration of the 45th anniversary of the alliance.
He said the deal will focus on the shareholding ratio of the new bank, with Arab countries contributing 60% and China 40%.
Fattouh said he would start banking and start an investment project in the beginning of 2020 and pointed out that next year will be the year of preparation for the enactment of the bank's legislation, the adoption of capital and the attraction of shareholders to the bank.