Thursday, April 21, 2022 – 9:19 PM
ABU DHABI, April 21/WAM/ The Arab Monetary Fund today signed a memorandum of understanding with the African Export-Import Bank “Afrixim Bank” on the foundations of cooperation and harmonious linking between the “Bunna” platform for Arab payments, affiliated with the Regional Institution for Clearing and Settlement of Arab Payments owned by the Fund, and the African Payment and Settlement System /BAPS/ of the bank.
The interconnection between the Buna and BAPS systems enhances their ability to unify their efforts to form a main outlet for the implementation of payments clearing and settlement work between the Arab region and the African continent, and to provide a diverse list of payment options that contribute to strengthening economic ties between Arab countries and African countries.
This interconnection allows the participating institutions of the two parties to be able to implement inter-payments in Arab and international currencies quickly, in a secure manner and at an appropriate cost, thus enhancing their presence in the global payments sector.
The strategic cooperation with the African Payment and Settlement System (PAPS) is in line with the efforts of the “Bunna” platform for Arab payments to play a pivotal role in supporting the growth of trade exchange and strengthening investment links between the Arab region and African markets.
The cooperation indicates the promising opportunities that each of “Bunny” and “Babs” can seize, in light of their potentials to lead the growth of trade exchange and push the wheel of investments between the Arab world and the African continent.
Dr. Abdul Rahman bin Abdullah Al Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, stressed the importance of the role played by the African Export-Import Bank and the Arab Monetary Fund in leading strategic initiatives that would strengthen economic relations between the Arab region and the African continent, and support international efforts to enhance inclusion. Financial and improving access to high-quality financial services.
He said: “Our cooperation is an ideal model for the leading role that the Arab Monetary Fund and the African Export-Import Bank can play through their joint work to enhance opportunities for effective access to payments, in line with the “Group of Twenty Road Map” to enhance cross-border payments. The success of the Buna platform is For Arab Payments in achieving a consensual link with a regional financial infrastructure system such as the African Payment and Settlement System (BAPS), a prominent and additional station in “Buna’s” journey to expand its regional and global network and enhance the added value it provides to its list of participants and to the global payments sector.. On this occasion, we express our Our thanks and appreciation to the Arab Bank for Economic Development in Africa for its support in achieving this partnership.”
For his part, Professor Benedict Orama, Chairman of the Board of Directors of the African Export-Import Bank (Afrixim Bank), said, “The signing of the memorandum of understanding and laying the foundations for cooperation with the Buna platform for Arab payments constitutes an important milestone in the process of the African payment and settlement system (BAPS) and an additional achievement in addition to the achievements of BAPS. Since its inception.
He added: “The Arab world and Africa have a long history of trade relations. The partnership between Buna and BAPS will facilitate the growth of trade exchange between the two regions. The integration of the two payment systems will enable banks throughout Africa and the Arab world to have an effective corridor. To support their clients in implementing and exchanging payments in a seamless manner across the markets of the two regions.. As Chairman of the Governance Board of the Arab-African Trade Bridges Program, I am very proud of this cooperation and I thank the Arab Monetary Fund, the Arab Bank for Economic Development in Africa and the International Islamic Trade Finance Corporation for their support and sponsorship of this understanding.”
For his part, Dr. Sidi Ould Eltah, Director General of the Arab Bank for Economic Development in Africa, praised the leadership of the Arab Monetary Fund, the African Export-Import Bank and the work teams of the “Bunni Platform for Arab Payments” and the African Payment and Settlement System (BAPS) for signing the memorandum of understanding, which paves the way for achieving consensual interdependence. between the “Bunna” and “BAPS” systems, and contribute to promoting trade and supporting prosperity in the African continent and the Arab world.
He affirmed the support of the Arab Bank for Economic Development in Africa for this initiative and its readiness to provide the necessary assistance to achieve the harmonious interconnection between “Benny” and “BAPS”.
WAM/ Ahmed Al Nuaimi/ Assem Al Khouli