Arab Monetary Fund and GIZ reinforce cooperation

 05 Dec 2017 - 12:37

The Peninsula

The Arab Monetary Fund (AMF) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) renewed their Memorandum Of Understanding (MoU) yesterday on the sidelines of the Financial Inclusion Policy Forum for the Launch of the Financial Inclusion Strategy for Jordan, held in Amman, the Hashemite Kingdom of Jordan.

The MoU supports the ongoing partnership between the two institutions in providing technical advice and capacity building for the Arab countries in the space of financial sector development, with a focus on financial inclusion, according to a press note.

The MoU was signed by Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, and Ute Klamert, Director General Europe, Mediterranean Region, Central Asia, at the GIZ.

By signing the MoU, the parties intend to strengthen cooperation for the implementation of the Financial Inclusion in the Arab Region Initiative (FIARI) that was successfully launched together with the Alliance for Financial

Inclusion (AFI) with support of the World Bank in Sharm El-Sheikh, Egypt on September 14, 2017. FIARI aims to accelerate conducive policies and actions for enhancing access to financial services in the Arab countries.

Building on financial inclusion as a driving force for sustainable development aligned with the United Nations Sustainable Development Goals (UN SDGs), FIARI will provide a regional platform for capacity building, knowledge exchange on good international practices and effective coordination through peer-learning, and support national financial inclusion policies.

Beyond this, the parties will expand their cooperation to cover the areas of supervision and financial stability with a particular focus on supporting the implementation of Basel III and macroprudential regulation in Arab countries.

The AMF-GIZ partnership will furthermore include capacity building programs in the field of insurance to support the insurance supervisory and regulatory authorities in the region and provide demand-oriented customized training opportunities for regulatory bodies in Arab countries.

On the occasion, Dr Abdulrahman A Al Hamidy stressed that collaboration with GIZ over the past two years in the area of financial inclusion was successful. Renewing the MoU, which aims at consolidating and expanding the scope of ongoing cooperation towards developing sustainable and inclusive financial systems in the Arab region, in particular the implementation of the joint landmark Financial Inclusion in the Arab Region

Initiative (FIARI) is a priority that is aligned with the AMF’s strategy and vision for the coming years.

In this regard, Dr Al Hamidy stressed the importance and relevance of the continued cooperation with the GIZ. Both the AMF and the GIZ provide a range of coherent services to strengthen regional peer-learning in improving the access to finance in the Arab countries, with AMF and GIZ’s long-standing experience and cross-sectoral expertise in implementing country and regional programs through technical assistance and capacity building.

Ute Klamert reiterated the successful outcomes of the collaboration with the AMF from the previous two years. AMF and GIZ synergized on their cooperation following the G7 Deauville Partnership’s Action Plan for

Financial Inclusion in the Mena region in Berlin in 2015 and strengthened it throughout the German G20 presidency. Together they brought to life a series of regional policy forums to move forward knowledge exchange in financial inclusion and employment, financial education, women’s financial inclusion, and startup finance as well as regional capacity building programmes.

The Arab Monetary Fund is a regional Arab financial institution, founded in 1976 and comprises 22 Arab member countries.

The AMF’s mission is to lay the monetary foundation of Arab economic integration and to accelerate the process of economic development, by providing financial and technical assistance to member countries.