The two organisations will coordinate efforts to deal with issues related to the development of the financial and microfinance sectors.
The Arab Monetary Fund (AMF) and The Arab Gulf Programme for Development (AGFUND) signed a memorandum of understanding (MoU) to promote economic development and achieve sustainable development goals in the Arab region by boosting financial inclusion and enhancing the role of financial inclusion.
The MoU will focus on supporting micro, small and medium-sized agricultural projects, and digital financial transformation, which contributes to accelerating economic growth and creating job opportunities in the region, in addition to supporting legislation and supervision of the financial systems including microfinance.
The memorandum will help the two organisations coordinate and consolidate efforts to deal with issues related to the development of the financial and microfinance sectors, according to a statement by the AMF.
This includes supporting and assisting Arab countries in designing and implementing financial sector reforms, covering areas such as microfinance and good governance to boost financial inclusion and maintain stability through joint projects, technical assistance, and capacity-building as part of a strategy to develop the region’s financial infrastructure.
The agreement also includes supporting traditional and innovative financial solutions, such as green finance, responsible and sustainable finance, microfinance, and the agricultural insurance sector. Cooperation will also include joint efforts to support the goals of sustainable economic development, and structural reforms, in addition to joint participation in relevant initiatives, programs, conferences, research projects, and studies.
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