AGFUND & AMF ink MoU to promote economic development in Arab Region

By Shilpa Annie Joseph, Official Reporter
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Officials during the signing ceremony | Courtesy: AGFUND

The Arab Gulf Program for Development (AGFUND) and the Arab Monetary Fund (AMF) have signed a memorandum of understanding (MoU) to coordinate efforts to promote economic development and achieve sustainable development goals in the Arab region via expanding financial inclusion.

The MoU will focus on supporting micro, small and medium-sized agricultural projects, and digital financial transformation, which contributes to accelerating economic growth and creating job opportunities in the region.

Furthermore, it supports legislation and supervision of the financial systems including microfinance, as per the statement.

The MoU was co-signed by Prince Abdulaziz bin Talal bin Abdulaziz, President of the Arab Gulf Program for Development, and Dr. Abdulrahman bin Abdullah Al Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund.

AGFUND’s President commented that, “Deepening partnership efforts with the Arab Monetary Fund reflects AGFUND’s strategy, which aims to strengthen cooperation that supports reforms in Arab countries which will lead to achieving sustainable development.”

“This MoU enhances partnership opportunities to support financial inclusion in the region, by launching joint initiatives to provide technical assistance and capacity-building,” Dr. Al Hamidi noted.

On the sidelines of the meeting, AGFUND announced its support for the comprehensive economic reform program signed between the Arab Monetary Fund and the Yemeni government, funded by the Kingdom of Saudi Arabia.

The program, which extends until 2025, intends to establish the foundations of economic stability in Yemen, strengthen the state’s public finances and external position, rebuild its institutions, and promote comprehensive and sustainable economic growth.

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