Lebanese President Proposes to Create Bank for Revival of Arab League Countries

BEIRUT (Sputnik) - Lebanese President Michel Aoun on Sunday proposed to establish a strategy on the reconstruction of Arab states, calling for the creation of a bank and working mechanisms for that purpose.

"With regard to the challenges we face, I'm proposing the initiative of developing a recovery strategy. I call for the development of mechanisms, the main of which should be an Arab bank for reconstruction and development. It should help all the Arab countries and the Arab nations affected to overcome a disastrous period and to contribute to sustainable economic growth," Aoun said at the economic summit of the Arab League in Beirut.

READ MORE: Lebanon Explains Countries' Leaders Non-Participation in Arab League Summit

Aoun called on all Arab financial foundations and institutions to participate in a meeting in Beirut in the next three months for discussing and developing an effective mechanism for the reconstruction of countries affected by conflicts.

The summit of the League of Arab States, focused on economic and social development, began in Beirut on Thursday with a session of a committee of specialized delegations. Almost all heads of the Arab League countries, except for the president of Mauritania and the emir Qatar, refused to participate in the summit.