Aoun Meets ABL Delegation, Assured Banks Not Targeted by Sanctions against Hizbullah

President Michel Aoun stressed during a meeting with a delegation from the Association of Banks in Lebanon that the country's new economic vision aims to achieve economic growth, as he was reassured that new U.S. sanctions against Hizbullah won't target Lebanese banks, the National News Agency said Thursday.

“The new economic vision for Lebanon is in the process of preparing for achieving the desired economic growth,” Aoun told the delegation led by ABL chief Joseph Torbey.

For his part, Torbey announced that he received “assurances from US authorities that Lebanon's banking sector will not be targeted by the new sanctions against Hizbullah as long as it adheres to the international banking procedures.”

A U.S. bill has adopted new measures late in October designed to thwart Hizbullah's cash flow and finances.

The bill directs the Trump administration to sanction the people and businesses engaged in fundraising and recruitment activities for the group.

Hizbullah is a member of Lebanon's coalition government and the House measure touched off alarms in Beirut, where officials feared major damage might be done to the country's banking sector if the bill is signed into law.

Torbey said earlier that U.S. officials have reassured a Lebanese banking delegation that visited Washington recently that the sanctions won't target Lebanese banks as long as they abide by American regulations.

He added that the Lebanese banking delegation tried through its meetings with U.S. officials and bankers "to shield the Lebanese economy from negative repercussions resulting from the new laws."