‘Middle East Green Initiative’ Aims to Launch Projects in Multiple Countries by 2025

A group photo of participants at the Jeddah meeting, which approved the membership of 10 countries (Ministry of Environment)
A group photo of participants at the Jeddah meeting, which approved the membership of 10 countries (Ministry of Environment)
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‘Middle East Green Initiative’ Aims to Launch Projects in Multiple Countries by 2025

A group photo of participants at the Jeddah meeting, which approved the membership of 10 countries (Ministry of Environment)
A group photo of participants at the Jeddah meeting, which approved the membership of 10 countries (Ministry of Environment)

Dr. Osama Faqih, head of the executive committee for the “Middle East Green Initiative,” announced plans to launch several qualifying projects in member countries by the end of 2025.

He also stated that the initiative will establish a secretariat and outlined specific criteria for selecting the Secretary-General, who will be approved by the executive committee and the ministerial council.

Faqih outlined the implementation phases of the initiative, starting with a founding team of 16 regional countries and an executive committee of 20 founding states. This committee will establish the governance for the initiative, as projects will be based in member countries.

Speaking to Asharq Al-Awsat, Faqih explained that funding will come from regional and international countries, the private sector, and various financial institutions, according to the initiative’s charter.

He noted that Crown Prince Mohammed bin Salman announced a donation during the second summit of the Middle East Initiative in Sharm El Sheikh, Egypt, held alongside the Climate Conference. The secretariat will be located in Riyadh.

Membership in the initiative is divided into two categories: regional countries, which include Central and Southwestern Asia, North Africa, and sub-Saharan Africa, can host projects and contribute to achieving the initiative's goals. Non-regional countries can also join to support financial and technical funding.

The initiative prioritizes land rehabilitation, with Faqih highlighting the global challenges of land degradation and desertification.

He noted that over 99% of the world’s calories and about 95% of food come from land, making these issues critical for food security. The initiative aims to rehabilitate 200 million hectares of land in member countries, providing significant environmental, economic, and social benefits, such as carbon storage, vegetation growth, food security, and social welfare.

Faqih’s comments followed the first session of the ministerial council for the “Middle East Green Initiative,” held in Jeddah, Saudi Arabia.

The council welcomed ten regional countries and one non-regional country, the United Kingdom, as an observer.

They also set ambitious national policies and targets for vegetation development, agreeing on a governance structure that includes 32 elements covering the organizational framework, secretariat, project types, submission mechanisms, evaluation criteria, and funding processes.

Saudi Minister of Environment, Water, and Agriculture Abdulrahman Al-Fadley, who chaired the session, emphasized the need for regional cooperation to enhance vegetation development and address environmental challenges, particularly desertification and limited greenery in the region.

He indicated that the meeting marks a shift to the implementation phase, urging all member countries, both regional and non-regional, to join and actively participate in the initiative and its trust fund.



Lebanon Appoints Karim Souaid as New Central Bank Governor

A woman walks outside of Lebanon's Central Bank building in Beirut, Lebanon March 16, 2018. REUTERS/Mohamed Azakir/File Photo
A woman walks outside of Lebanon's Central Bank building in Beirut, Lebanon March 16, 2018. REUTERS/Mohamed Azakir/File Photo
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Lebanon Appoints Karim Souaid as New Central Bank Governor

A woman walks outside of Lebanon's Central Bank building in Beirut, Lebanon March 16, 2018. REUTERS/Mohamed Azakir/File Photo
A woman walks outside of Lebanon's Central Bank building in Beirut, Lebanon March 16, 2018. REUTERS/Mohamed Azakir/File Photo

Lebanon on Thursday named asset manager Karim Souaid as its new central bank governor. He will be expected to restructure the banking sector and fairly distribute losses from Lebanon's 2019 financial collapse, which erased the savings of ordinary Lebanese, tanked the currency and sparked an economic crisis.

In announcing Souaid's appointment, Prime Minister Nawaf Salam urged the new governor to focus on talks with the International Monetary Fund, restructuring banks, tightening banking secrecy laws and prioritizing depositors' rights.

"The governor, whoever he is and whatever the reservations about his selection, must commit from today to the financial policies of our reformist government," Salam said following a cabinet vote on the appointment.

Souaid, who holds a degree from Harvard Law School and founded asset management firm GrowthGate Capital in 2007, won the support of 17 ministers in the 24-member cabinet, two sources with direct knowledge of the vote told Reuters.

Salam and President Joseph Aoun have both pledged to prioritize reforms to help secure funds desperately needed to kickstart the economy and rebuild the country following the recent war between Israel and Hezbollah.

But they were split over who to appoint as central bank governor, with Aoun backing Souaid and Salam against him, according to two Lebanese government officials, two sources familiar with the dispute and a Western diplomat.

The incoming governor will replace interim chief Wassim Mansouri, who has been overseeing the bank since longer-serving governor Riad Salameh's tenure ended in disgrace in 2023 due to the financial implosion.

In the wake of the crisis, Lebanon was placed on a financial watchdog's "grey list" for failing to address concerns about terrorism financing and money laundering through its financial system.