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Friday, Feb 03, 2023

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

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

The Arab Gulf Program for Development (AGFUND) signed a memorandum of understanding with the Arab Monetary Fund on Wednesday 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 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.

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 program signed between the Arab Monetary Fund and the Yemeni government, funded by the Kingdom of Saudi Arabia.

The program, which extends until 2025, aims to establish the foundations of economic stability in Yemen, strengthen the state’s public finances and external position, rebuild its institutions, and promote comprehensive and sustainable economic growth.

Prince Abdulaziz reaffirmed AGFUND's support for the reform program 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 programs, capacity-building, and technical support in the areas of financial inclusion to achieve sustainable development goals.

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