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

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

RIYADH — 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,