The Banking Executive Magazine - September 2023 Issue

Arab Banks ARAB BANKS URGED TO PROVIDE $1TRLN IN SDG FINANCING FOR THE REGION The Union of Arab Banks (UAB) sub- mitted at the SDG Summit in New York a commitment to encourage Arab banks to provide a target of $1 trillion in SDG financing by 2030, in partnership with the United Nations Economic and Social Commission for Western Asia (ESCWA). This ambitious financing target aims to accelerate SDG implementation in the 22 Arab States and support the achievement of the six major SDG transitions in the following areas: so- cial protection, energy, education, food systems, digital transformation and biodiversity and nature. “We are launching this initiative on the first day of the SDG Summit to contribute as much as possible to the transformative actions leading up to 2030,” UAB Secretary-General Dr. Wissam Fattouh said. “Integrating the SDGs into economic transformation is crucial and requires the contribu- tions of all stakeholders across sec- tors. This commitment underscores our dedication to fostering sustain- able development in the Arab region, making it a reality for our communi- ties and nations,” he stressed. Potential beneficiaries from the ini- tiative include Governments, busi- nesses (including micro, small and medium-sized enterprises) and households in the Arab region. “We are immensely proud of our longstanding partnership with UAB, and we applaud their monumental commitment poised to spark transfor- mation and drive lasting impact in the Arab region. In a landscape where challenges are met with grow- ing resolve and investment, UAB's dedication signifies a historic mile- stone towards creating lasting change and accelerating SDG imple- mentation,” ESCWA Executive Secre- tary Rola Dashti underscored. “We believe it is a win-win measure for all, one that will move the region to- wards prosperity and narrow the fi- nancing gap extensively,” she added. The SDG Summit provides an oppor- tunity to secure the breakthroughs and momentum needed to change course and achieve the Global Goals by 2030. It will call on all stakehold- ers to register their initiatives, ac- tions, policies and commitments aimed at stepping up ambition to drive the transformation needed to deliver these Goals. the BANKING EXECUTIVE 14 ISSUE 177 SEPTEMBER 2023