An Arab Reconstruction and Development Bank Proposed by Lebanese President Aoun

In line with various calls the international Schiller Institute has issued over the past years,  the creation of an Arab Reconstruction and Development Bank was called for for Michel Aoun on Ja. Speaking at the opening of the Arab Economic Summit held in Beirut, he said that the reconstruction of the Arab countries that have been affected by war and terrorism in recent years should become a priority. “Prosperity is the name of peace” was the title Aoun chose for that summit.

“I hereby put forth my initiative aimed at adopting the strategy of reconstruction for development, calling to set up efficient mechanisms that live up to these challenges and to the requirements of reconstruction, at the top of which the establishment of an Arab Bank for Reconstruction and Development,” Aoun said.

According to a wire published in the Kuwaiti News Agency (KUNA), he also stressed the necessity of setting up efficient mechanisms that meet the requirements of reconstruction and development in the Arab world.

“Against this background, I call on all the Arab institutions and financing funds to meet in Beirut during the coming three months to discuss and finalize these mechanisms,” he added.

In Nov. 2017, the Schiller Institute had again issued a call for the creation of a regional bank for reconstruction and development, in the Special Report Extending the New Silk Road to West Asia and Africa. Chapter 4, on “Financing Regional and National Infrastructure” outlined the credit mechanism through which such a bank could function in accordance with Lyndon LaRouche’s and Alexander Hamilton’s concepts of productive credit. The same call had been published in the Arabic translation of the EIR Special Report The New Silk Road Becomes the World Land-Bridge which was launched from Egypt at a special event hosted by the Egyptian Transport Minister in Feb. 2016.

Then French Presidential candidate and Schiller Institute associate Jacques Cheminade had met with President Aoun in Beirut in April 2017 to discuss the prospects for peace and development in Syria and the wider region. In his press conference after the meeting, Cheminade emphasized the importance of economic development as the basis for any durable peace in the region.

In July 2018, Chinese President Xi Jinping pledged at the China-Arab States Cooperation Forum to provide $20 billion for a reconstruction fund targeting specifically Syria, Lebanon, Jordan and Yemen in the context of the Arab countries joining the Belt and Road Initiative. Later, China and Arab officials met in Lebanon to discuss the mechanism of a joint reconstruction fund, incorporating the Chinese funds with Arab funds.

However, knowing that the wealthiest Arab countries are British-controlled, and that the IMF and World Bank historically exert pressure on the poorer Arab countries, the proposal might be derailed from its real intention.