Central bank governors in the UAE, Egypt and Jordan seek to support industrial partnership

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The Governor of the Central Bank of the Emirates, Khaled Muhammad Balama, discussed in Abu Dhabi with the Governor of the Central Bank of Egypt, Tariq Hassan Amer, and the Governor of the Central Bank of Jordan, Dr. Adel Ahmed Al-Sharkas, prospects for developing cooperation and supporting the integrative industrial partnership.

The meeting comes in the wake of the announcement of the Integrated Industrial Partnership for Sustainable Economic Development between the three countries at the end of May last year, to reflect the vision of the countries’ leaders to deepen the Economic Partnership for Sustainable Development.

The meeting reviewed relations for joint cooperation and funds to develop and strengthen them in the field of finance and banking, according to Emirates News Agency “WAM”.

The governors of the three countries discussed opportunities to expand cooperation in the supervision and control of licensed financial institutions, exchange information and supervisory expertise and aspects by benefiting from shared experience and expertise in the financial technology sector, development of payment systems, development of technical skills for specialized cadres and technical assistance in the financial and banking fields.

They emphasized that the Joint Integrated Industrial Partnership represents a new phase in the upgrading of financial relations to broad horizons and contributes to achieving sustainable economic development in the three countries.

They pointed out the zeal of the central banks of the UAE, Jordan and Egypt to deepen joint cooperation in the financial fields, which led to the success of this partnership and the achievement of its desired objectives.

At the end of the meeting, Khaled Muhammad Balama, Governor of the Central Bank of the Emirates, and dr. Adel Ahmed Al Sharkas, Governor of the Central Bank of Jordan, a Joint Memorandum of Understanding aimed at strengthening financial relations. and banking areas.

The memorandum specifies mechanisms for cooperation and exchange of information to facilitate the performance of supervisory and control tasks for both banks and their role in ensuring financial stability and strive to develop relationships in payment systems and financial technology, and to strengthen bilateral cooperation in education. , capacity building and upgrading of professional skills of both parties, in addition to the exchange of technical assistance and expertise.

Khaled Balama and Tariq Hassan Amer, Governor of the Central Bank of Egypt, also signed an additional annex to the Memorandum of Understanding, signed between the two parties in 2021.

Under the annex, a new article was added related to the objectives and scope of the cooperation, and another article on cooperation in financial technology “Fintech”, which includes the development of joint projects and initiatives related to financial technology, e.g. as “Sandbox”, and development of strategies to increase competitiveness and digital transformation in the financial sector.

A third article on cooperation in training and technical assistance was added with the aim of upgrading the professional skills of workers on both sides.

The Governor of the Central Bank of the Emirates, Khaled Muhammad Balama, said: We at the Central Bank of the Emirates seek to strengthen cooperation with our partners in Egypt and Jordan in all areas of finance and banking in a way that contributes to achieving sustainable development, progress and prosperity for all of us. , stimulate the growth of investment and trade relations and strengthen partnership, economic and to meet the common interests of the people of the three countries.

He added that the signing of the Memorandum of Understanding with the Bank of Jordan and the addition of an appendix to the Memorandum of Understanding with the Bank of Egypt provide a framework for exploring the possibilities for future cooperation with the two countries given the strong relations between our financial systems and our economies. countries.