War-torn countries reconstruction estimated at $1tn: WUAB head

CAIRO – 12 May 2017: The estimated cost for the infrastructure reconstruction in war-torn countries is around $1 trillion, the President of World Union of Arab Bankers (WUAB) Joseph Torbey said on Friday.

Torbey affirmed, during his speech at the “Financing Reconstruction – In the Aftermath of the Arab Appraisal” forum, that wars, conflicts and turmoil in these countries resulted in net losses that exceed $600 billion in economic activities; equivalent to six percent of the GDP of Arab countries.

According to Torbey, the financial deficit in war-torn Arab countries, namely Iraq, Yemen, Syria and Libya, is estimated at around $250 billion during the period between 2011 and 2015.

The WUAB head said “Arab economic integration” is an essential element to overcome the current challenges faced by the Arab region.

The two-day forum, organized by WUAB, began on Friday.

A number of officials and Arab and foreign bankers attended the forum that firmly focuses on addressing the financial policies and strategies required for the reconstruction of what the wars and conflicts have destroyed.

Moreover, the forum is to discuss the required financial engineering for the reconstruction of infrastructures, vital facilities and economic and productive sectors in the aforementioned countries.