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Beirut – The assets of Arab banks in 2014 increased by 10 percent to reach $3.1 trillion while credit facilities to different economic sectors reached $1.6 trillion, or 60 percent of the GDP of the Arab states, Secretary-General of the Union of Arab Banks Wissam Fattouh said Tuesday.

Fattouh made the remarks following talks with Amine Gemayel, during which he briefed the former president on the overall performance of Arab banks and events the Union of Arab Banks plans to organize soon.

Talks also focused on a report prepared by the union on the economies of the region, as well as trade, unemployment and financing of small- and medium-size businesses (SMEs).

Fattouh briefed Gemayel about the preparations to hold the annual banking and finance conference in Beirut in November.

The conference will be attended by prominent figures such as International Monetary Fund chief Christine Lagarde.

Over 700 bankers and financial experts from 24 countries are expected to attend the conference.

Fattouh stressed that there is deep concern in the Arab states that the absence of political and economic will could affect economic and social developments in the region, noting that loans to SMEs do not exceed 10 percent of the total credit lines of the Arab banking sector.

Published in The Daily Star | July 15, 2015