Thursday, December 29, 2022 – 2:34 PM
ABU DHABI, 29th December, 2019 (WAM) — The Arab Monetary Fund and the Arab Gulf Program for Development (AGFUND) signed yesterday a memorandum of understanding.
The memorandum aims to promote economic development and achieve sustainable development goals in the Arab region by improving levels of financial inclusion, strengthening the micro, small and medium enterprise sector, supporting the small-scale agricultural sector, and supporting digital financial transformation, which contributes to accelerating the pace of comprehensive economic growth and providing job opportunities. In the Arab region, in addition to strengthening the capacities of the legislative and supervisory authorities on the financial sector, including the microfinance sector, in all relevant fields.
The memorandum was signed on the part of the program by His Royal Highness Prince Abdulaziz bin Talal bin Abdulaziz Al Saud, Chairman of the Board of Directors of the Arab Gulf Program for Development “AGFUND”, while Dr. Abdul Rahman bin Abdullah Al Hamidi, Director General and Chairman of the Board of Directors, signed on the fund’s side.
The signing was attended by members of the Board of Directors of AGFUND, Khalifa Al Qubaisi representing the state, Nawaf Al Sada representing the Kingdom of Bahrain, Mohsen Al Bahli representing the State of Qatar, Mohammed Al Mahrouqi representing the Sultanate of Oman, and Dr. Nasser Al Qahtani, Executive Director of AGFUND.
AGFUND announced its support for the comprehensive economic, financial and monetary reform program signed between the Arab Monetary Fund and the Yemeni government, funded by the Kingdom of Saudi Arabia.
Prince Abdulaziz bin Talal bin Abdulaziz Al Saud said that deepening the partnership with the Arab Monetary Fund reflects AGFUND’s strategy to build on partnerships to support reforms that help Arab countries achieve sustainable development, by working to improve the business environment, corporate governance and financial institutions that support financing. Education, financial education, environmental and community policies, enhancing opportunities for food security by developing small-scale agricultural production, providing health insurance services, education and agricultural insurance, developing value chains and other agricultural services for small farmers, promoting women’s participation and supporting employment opportunities for youth of both sexes.
For his part, His Excellency Dr. Abdul Rahman bin Abdullah Al Hamidi stressed the importance of signing the memorandum in order to enhance partnership and cooperation opportunities with the Arab Gulf Program for Development, stressing that cooperation will enhance financial inclusion in the Arab region.
Dina Omar / Ramy Samih
