Lebanon aims to build on banking success

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Before Lebanon self-destructed amid civil war in the mid-1970s, Beirut was the regional financial and services centre of the Arab world. Now, after more than 18 months of relative stability and having shown resilience during the global financial crisis, the country is considering how to recapture some of its former glory.

Raya Haffar El Hassan, the new finance minister, says recent international economic upheaval has caused the new government “to try to see whether this evolving situation has given us room to reposition ourselves in the region”.

Ms Haffar El Hassan is one of two women in the cabinet of Saad Hariri, the prime minister, who came to power just three months ago. She began working in government under Rafik Hariri, Mr Hariri’s father, a five-time prime minister who was assassinated in 2005. She has been close to the financial policy-making nucleus of the country for almost two decades.