Egypt Post Becomes Member of Union of Arab Banks

General view of Nile River (File photo: Reuters)
General view of Nile River (File photo: Reuters)
TT

Egypt Post Becomes Member of Union of Arab Banks

General view of Nile River (File photo: Reuters)
General view of Nile River (File photo: Reuters)

Egypt Post became a member of the Union of Arab Banks to study the latest services and technologies in the financial field.

Egyptian Post Chairman Sharif Farouk said that joining the Union supports the state's plans to achieve financial inclusion.

Farouk stated that the purpose is to follow up on all international banking developments as well as regional changes and transformations of the banking community to keep up with current issues in the Arab and global arenas.

Farouk pointed out that Egypt Post always seeks to cooperate with all institutions and agencies to move forward in achieving its plan in financial inclusion and digital empowerment.

Joining the Union of Arab Banks allows Egypt Post to exchange experiences, hold training workshops and provide technical, legal, financial, and banking consultations, according to Farouk.

The Union of Arab Banks includes the best bankers and financial and economic experts from 350 banks.

The Union is a member of the Higher Coordinating Committee for Joint Arab Action and is headed by the Secretary-General of the Arab League. It is an Arab regional organization affiliated with the Arab Administrative Development Organization of the Arab League.



World Bank Redirects Funds Towards Lebanon Emergency Aid

Flames rise from Israeli airstrikes in Dahiyeh, Beirut, Lebanon, Friday, Oct. 4, 2024. (AP Photo/Hussein Malla)
Flames rise from Israeli airstrikes in Dahiyeh, Beirut, Lebanon, Friday, Oct. 4, 2024. (AP Photo/Hussein Malla)
TT

World Bank Redirects Funds Towards Lebanon Emergency Aid

Flames rise from Israeli airstrikes in Dahiyeh, Beirut, Lebanon, Friday, Oct. 4, 2024. (AP Photo/Hussein Malla)
Flames rise from Israeli airstrikes in Dahiyeh, Beirut, Lebanon, Friday, Oct. 4, 2024. (AP Photo/Hussein Malla)

The World Bank announced on Thursday that it was redirecting funds originally earmarked for development programs in Lebanon towards emergency aid for people displaced by Israeli bombardment of the country.

"The World Bank is activating emergency response plans to be able to repurpose resources in the portfolio to respond to the urgent needs of people in Lebanon," said a statement from the US-based multilateral institution.

The multilateral institution currently has $1.5 billion in funding for programs in Lebanon. Part of this amount will be redirected.

Since September 23, more than 1,000 people have been killed in an Israeli air-and-ground campaign on Lebanon that has targeted armed group Hezbollah in the south and east of the country, with strikes expanding to include the capital Beirut.

Thousands have been displaced since the bombing began, and the funds would be used to provide aid to those populations, the World Bank said.

"This would include emergency support to displaced people that could be deployed through a digital platform the World Bank helped put in place during the Covid epidemic," the statement said.