Chairman of International Development Bank honoured by United Nations

Ziad Khalaf Abd, also a director of the Union of Arab Banks, praised for supporting innovations to enhance sustainable development in the Arab region

Dr Ziad Khalaf Abd, chairman of the board of directors of the International Development Bank and member of the board of directors of the Union of Arab Banks.

During a UN headquarters conference on the challenges of achieving sustainable development goals, Dr Ziad Khalaf Abd, chairman of the board of directors of the International Development Bank and member of the board of directors of the Union of Arab Banks, was honoured.

He further stressed the need to support innovations that enhance sustainable development in the Arab region. He indicated there was a need for the betterment of financial infrastructure and boosting economic and investment innovation pertinent to sustainable development.

Dr Ziad said during a speech at the opening session of the Challenges of Achieving the Sustainable Development Goals" conference, organised by the Union of Arab Banks at the UN headquarters in Geneva, that the role of financial infrastructure and innovation of investments assumes great importance when it comes to supporting sustainable development.

Prominent among the participants were high-ranking financial and banking bodies and officials of international organisations, notably including Wissam Fattouh, secretary general of the Union of Arab Banks; Rola Dashti, executive secretary of the UN Economic and Social Commission for Western Asia (ESCWA); and Marion Hoenicke, head of financial inclusion at the EU Enlargement and Neighbourhood Department of the European Investment Bank.

The event also included representatives from the UN Industrial Development Organisation, the UN Conference of Trade and Development, the International Monetary Fund and ESCWA.

During the two-day conference, an honorary shield was awarded to Dr Ziad by Dr Fattouh of the Union of Arab Banks, in appreciation for his substantial contribution towards the cause of sustainable development.

He spoke of the power of teamwork for the economic development of a region torn for so long by instability and conflict. Dr Ziad called for co-operation to build a better future for present and future generations.

Further, Dr Ziad emphasised that growth had to happen in the Arab region, which holds all the ingredients for success. He said that a market system is the infrastructure of our civilisation and there was no way one could move through transformational phases of our world without it.

He said in the Middle East the business environment had improved and become a major component of government plans, and economic development and investment were key priorities.

He quoted the case of the development process in Iraq as a model of cross-border investments, which would lead to financial and economic integration, mentioning that there is also a great future for the development road project, which will link Iraq, Turkey, the UAE and Qatar, to enhance trade and investment, concluding free trade agreements, and linking the Gulf to Europe.

Dr Ziad said the path towards the achievement of sustainable development goals was littered with challenges in the Middle East.

The Geneva SDGs conference introduced an opportunity where the status quo of development could be measured in the Arab region despite issues such as climate change, peace and alleviation of poverty.

He stressed that economic growth was created through the empowerment of entrepreneurs, bound partnerships, investing in research and development, and human resources.

Dr Ziad emphasised problems of innovation in bank services and the establishment of effective partnerships in a way to ensure growth in the economy. He underlined that funds and investments should be directed to projects with a positive societal and environmental impact.

In the end, Dr Ziad stated that the banking sector in Arab nations should be first for innovation and implementation of financial technologies and ultimately to reach the desired financial goals. Hence, the sector needs to assume a proactive role in developing sustainable development with the vision of a better future in collaboration with the financial sector.