A Memorandum of Understanding (MoU) was signed between the Arab Monetary Fund (AMF) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH on behalf of the German Federal Ministry of Cooperation & Economic Development on the sidelines of a high-level conference on financial inclusion and employment in the Arab countries, held at the Dead Sea, Hashemite Kingdom of Jordan.
The MoU aims to establish a partnership between the two institutions to provide a general framework for the provision of technical advice and capacity building for the Arab countries in the space of financial inclusion.
The MoU was signed by H.E Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, and Ms. Ute Klamert, Head of Europe, Mediterranean and Central Asia Department at the GIZ.
By signing the MOU, the parties intend to strengthen cooperation and develop activities and joint programs on issues related to financial inclusion, particularly those related to national strategies for financial inclusion and providing access to finance and financial services to small and medium enterprises.
The cooperation between the two institutions has already been initiated with the joint organization today of the high-level conference on financial inclusion and employment in the
Arab countries. The two institutions intend to hold, starting next year, an annual Arab forum on financial inclusion, and will work on establishing an institutional partnership for the promotion of funding for the microfinance sector in the Arab region, in addition to organizing joint activities towards enhancing financial education in AMF’s member countries.
The AMF-GIZ partnership will also include designing capacity building programs in the field of the insurance industry to support the efforts of the insurance supervisory and regulatory authorities in the region, and providing customized training opportunities for legislative bodies in Arab countries on issues of common interest.
On this occasion, H.E. Dr. Abdulrahman A. Al Hamidy stressed that cooperation with GIZ has been successful, and the signing of the MoU, which aims at consolidating and expanding the scope of cooperation towards the development of activities and programs on financial inclusion issues for the benefit of the AMF’s member countries, is totally in line with the AMF’s strategy for the coming years. He praised, in this regard, the efforts of the GIZ and the important role it plays in the provision of training opportunities and advisory support to Arab countries.
For her part, Ms. Ute Klamert expressed her happiness to sign a MoU with the Arab Monetary Fund today, and noted that both GIZ and the AMF provide a wide range of services and are well equipped to support governments and relevant partner authorities in improving access to responsible finance in the region.
The Arab Monetary Fund is a regional Arab institution, founded in 1976, and has started operations in 1977. The AMF’s mission is to lay the monetary foundation of Arab economic integration and to accelerate the process of economic development of its member countries, through providing training and capacity building in topics of interest, as well as financial and technical assistance to member countries to correct balance of payments disequilibria and implement structural reforms towards the modernization of their financial systems, and offering technical assistance to banking and monetary institutions in Arab countries with the objective of developing and strengthening their financial markets.
The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH is a globally acting federal organization that supports the German Government in achieving its objectives in the field of international cooperation for sustainable development and international education. Most of GIZ’s work is commissioned by the German Federal Ministry for Economic Cooperation and Development. GIZ also operates on behalf of other German ministries, as well as public and private sector clients in Germany and abroad. GIZ operates throughout Germany and in more than 130 countries worldwide. It offers demand-driven, tailor-made and effective services for sustainable development and takes account of political, economic, social and ecological factors and supports partners at local, regional, national and international level in designing strategies and meeting their policy goals.