Central Bank governors of UAE, Egypt & Jordan explore ways to develop financial sectors

By Arya M Nair, Intern Reporter
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CBUAE
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Mr. Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), has met with Mr. Tarek Hassan Amer, Governor of the Central Bank of Egypt, and Dr. Adel Ahmad Al-Sharkas, Governor of the Central Bank of Jordan in Abu Dhabi to discuss prospects for supporting industrial partnerships.

The meeting follows the announcement of the Industrial partnership for Sustainable Economic Growth between the three countries in late May, and reflects the vision of the countries’ leadership to strengthen economic partnership aimed at sustainable development. The meeting touched upon ways to develop cooperative relations in the financial sectors.

The Central Bank governors discussed opportunities for collaboration expansion in the supervision of licensed financial institutions, information and expertise exchange, benefiting from joint experiences in the Fintech sector, the development of payment systems and technical skills for specialized cadres, as well as technical assistance in the financial sector.

Khaled Mohamed Balama Image
Khaled Mohamed Balama
Governor – CBUAE

“We are keen to strengthen cooperation with our partners in Egypt and Jordan in the financial sector to achieve sustainable growth and prosperity for all of us, and promote investments, trade relations, economic partnership and meet the mutual interests of the three countries. The MoU with the Central Bank of Jordan, and the supplementary MoU with the Central Bank of Egypt constitute a framework for exploring opportunities for future cooperation with the two countries, building on the strong relationship between our financial systems and the economies of our countries.”

CBUAE also signed an MoU with the Central Bank of Egypt, a supplement to an earlier agreement signed in 2021. This consisted of new articles related to the objectives and scope of cooperation and Fintech collaboration, including the development of projects and initiatives such as a common ‘sand-box’ and the development of strategies to enhance competitiveness and digital transformation in the financial sector.

Related: Saudi PIF signs $185mn subscription deal with Jordan’s Capital Bank Group


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