AGFUND, AMF sign MoU to promote economic development in Arab region

The deal will focus on supporting micro, small and medium-sized agricultural projects, and digital financial transformation

By Wam

Published: Thu 29 Dec 2022, 3:32 PM

The Arab Gulf Programme for Development (AGFUND) has signed a Memorandum of Understanding (MoU) with the Arab Monetary Fund (AMF) to promote economic development and achieve sustainable development goals in the Arab region through boosting financial inclusion and enhancing the role of the financial inclusion.

The MoU, which was signed on Wednesday, will focus on supporting micro, small and medium-sized agricultural projects, and digital financial transformation, which contributes to accelerating the economic growth and creating job opportunities in the region, in addition to supporting legislations and supervisions of the financial systems including microfinance, according to the Saudi Press Agency.

The MoU was co-signed by Prince Abdulaziz bin Talal, president of AGFUND, and Dr Abdulrahman bin Abdullah Al Hamidi, director-general and chairman of the board of directors of the Arab Monetary Fund.

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

Prince Abdulaziz reaffirmed AGFUND's support for the reform programme in Yemen, which is being supervised by the Arab Monetary Fund, noting that cooperation in this context represents a practical example of cooperation between the Arab Monetary Fund and the AGFUND.

Meanwhile, Dr Al Hamidi stressed that the cooperation will enhance the financial inclusion in the Arab region through improving the access of small farmers, rural communities, and microenterprises to financial and banking services.

The cooperation will also include training programmes, capacity-building, and technical support in the areas of financial inclusion to achieve sustainable development goals. — Wam