The 48^th ordinary General Assembly of ABL Members was held on June 28^th, 2010. Dr. Joseph Torbey, Chairman of the Board, enumerated the achievements of the Board for the period of June 2009 till June 2010; the Annual report was also discussed and approved. The independent auditors report for that same period was also approved by the General Assembly of Members. The current Board was granted clearance and the 2011 draft budget was discussed and decided upon.

In his speech, Dr. Joseph Torbey, President of the Association of Banks in Lebanon, projected a strong economic growth this year. He said: “It is worth noting that the Lebanese economy continues to achieve growth in 2010 and the IMF even projected a growth of 8% this year after reaching over 9% in 2008 and 2009…… He added that Lebanese banks are now operating in over 10 Middle East countries.

Dr. Torbey also said that “banks are now offering more housing loans to middle and lower-income families in Lebanon. 

He also added that: “banks and the private sector were willing to help finance some of the major projects to relieve some of the Governments’ financial burdens…..Cabinet recently approved the 2010 draft budget which calls for a partnership between the private and the public sectors”.