São Paulo – The banks of Lebanon continue solid despite the international financial crisis. This information was disclosed by the president at the Arab Brazilian Chamber of Commerce, Salim Taufic Schahin, who is on a delegation headed by the mayor of São Paulo, Gilberto Kassab, to the Arab country. In recent days, he had meetings with representatives of great banking institutions in Lebanon.
"The crisis is not affecting the banking system in Lebanon. The banks are receiving deposits and have supervision of the Central Bank," said Schahin yesterday (05). According to him, the Lebanese institutions attract deposits from clients in other countries in the Arab world, as they are considered safe.
When he was in Brazil in October last year, Lebanese banker Adnan Kassar had already noted that the banking sector in his country was prospering despite the crisis, as informed by ANBA at the time. Kassar is the president of the Fransabank, one of the main organisations in Lebanon, and also president of the General Union of Chambers of Commerce, Industry and Agriculture for Arab Countries.
Schahin said that it is necessary to work to see if it is possible to attract further Arab investment to Brazil through these banks. The trip by Kassab is specially focussed on the promotion of business and investment. He is accompanied by a delegation of businessmen and representatives of sector organisations.
The committee also had meetings at the General Union of Chambers, at the Chamber of Commerce, Industry and Agriculture of Zahlé and at the Chamber of Commerce, Industry and Agriculture of Beirut. According to Schahin, the Beirut Chamber plans to organise a delegation to Brazil.
Agreement
Yesterday, Kassab signed an agreement with the mayor of Beirut, Abdel Ariss. According to information disclosed by the São Paulo City Hall, the agreement involves joint actions in areas like health, education and urban development. One of the reasons for the trip by Kassab was to learn about successful experiences in the urban recovery of the Lebanese capital for possible adoption in the city of São Paulo.
According to the City Hall, there should be a technical meeting about the Solidere project, a program for reconstruction of central Beirut that was adopted after the 15-year civil war in Lebanon. One of the areas of São Paulo that may be benefited is the Luz area, in the central region of the city.
For development of Solidere a company by the same name was established. According to the City Hall, it is an open capital organisation that is traded on the London Stock Exchange. Ever since its foundation, according to information disclosed by a spokesperson for Kassab, the company attracted US$ 12 billion in foreign investment, applied to the reconstruction of the Lebanese capital.
Also on Thursday, Kassab and his committee met with the Lebanese minister of Economy and Trade, Mohamed Safadi. According to a press statement by the City Hall, the minister defended the creation of air and maritime routes between Brazil and Lebanon.
On Wednesday, Kassab was honoured by the Brazilian community in Chtaura, a city located in Bekaa Valley, 44 kilometres away from Beirut. According to his press department, around 70% of the local population is composed of Brazilian born or naturalized people.
*Translated by Mark Ament
