UAE, Egypt and Jordan central bank governors have met to discuss their economic partnership.
The aim is to create a comprehensive supervisory and monitoring framework across their financial and banking services industries.
The meeting follows the announcement last month of the Industrial partnership for Sustainable Economic Growth between the three countries. The governors discussed ways to develop cooperative relations in the financial sectors.
Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE) met with Tarek Hassan Amer, Governor of the Central Bank of Egypt and Dr. Adel Ahmad Al-Sharkas, Governor of the Central Bank of Jordan in Abu Dhabi.
On the agenda were opportunities for collaborations across financial institutions, the fintech sector, and the development of payment systems and technical skills in the financial sector.
The industrial partnership reflects a new phase of enhancing financial relations between the UAE, Egypt and Jordan to achieve sustainable economic growth across the three countries.
Balama and Al Sharkas signed a Memorandum of Understanding (MoU) to enhance financial and banking co-operation. The UAE central bank governor also signed a MoU with the Governor of the Central Bank of Egypt to supplement to an earlier agreement signed in 2021.
This consists of new objectives and scope of co-operation and fintech collaboration, including the development of projects and initiatives such as a common ‘sand-box’.
An additional article covers training and technical co-operation to enhance the professional skills of both parties’ staff.
UAE central bank governor Balama said: ”We are keen to strengthen co-operation with our partners in Egypt and Jordan in the financial sector to achieve sustainable growth and prosperity for all of us, and promote investments, trade relations, economic partnership and to meet the mutual interests of the three countries.”
Balama added: ”We look forward to the co-operation with the Central Bank of the UAE to further adopt financial technology in providing financial and banking services and keep pace with the market development, and to provide a common environment to embrace creative ideas and talents in the modern financial technology.”
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