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Arab Monetary Fund, AGFUND sign MoU to promote economic development in the Arab region
The MOU will concentrate on supporting micro, small, and medium-sized agricultural projects
In an effort to accelerate advanced economic development and attain sustainable development objectives in the Arab region through enhancing financial inclusion, a Memorandum of Understanding (MoU) was signed between the Arab Gulf Programme for Growth (AGFUND) and the Arab Monetary Fund (AMF).
“Deepening partnership efforts with the AMF reflects AGFUND’s strategy, which aims to strengthen cooperation that supports reforms in Arab countries which will lead to sustainable development,” said His Royal Highness Prince Abdulaziz bin Talal bin Abdulaziz Al Saud, President of AGFUND.
In addition to supporting legislation and oversight of financial systems, including microfinance, the MoU will concentrate on supporting micro, small, and medium-sized agricultural projects as well as digital financial transformation, which helps to accelerate economic growth and create job opportunities in the region.
“This MoU enhances partnership opportunities to support financial inclusion in the region, by launching joint initiatives to provide technical assistance and capacity-building,” said His Excellency Dr Abdulrahman A. Al Hamidy, director general chairman of the board at AMF.
The agreement will aid the two organizations in coordinating and combining their efforts to address problems regarding the growth of the financial and microfinance sectors. As part of a plan to enhance the region’s economic infrastructure, this entails helping and aiding Arab nations in developing and implementing financial sector reforms, covering topics like microfinance and good governance to increase financial inclusion and maintain stability.
Following the agreement, conventional and innovative financial solutions will be supported, including microfinance, green financing, responsible and sustainable finance, and the agricultural insurance industry. Along with combined involvement in pertinent initiatives, programs, conferences, research projects, and studies, cooperation will also entail joint efforts to support the objectives of structural changes and sustainable economic development.
Meanwhile, AMF and the Yemeni government agreed on an extensive economic reform plan with funding from the Kingdom of Saudi Arabia. AGFUND declared its support for it on the sidelines of the meeting.
The program, which runs through 2025, aims to lay the groundwork for Yemen’s economic stability, improve the state’s external position and public finances, rebuild its institutions, and foster comprehensive and sustainable economic growth. This will put Yemen’s economy on a more sustainable course and advance the country’s economic and social development processes.