Governor of PMA Meets Delegation from KfW Development Bank

Governor of the Palestine Monetary Authority (PMA) Azzam Shawwa met in his office in Ramallah with a delegation from the German Development Bank KfW comprised of Annika Schulte, Director of Middle East Economic and Social Development Project; Jonas Blume, Director KfW Office and Programs Coordinator Fida Abd Al-Latif. From PMA’s side, the meeting was attended by Dr. Riyad Abu Shehadeh, Assistant to the Governor for Financial Stability Affairs; Ali Faroun, Director of Market Conduct Department at PMA and Mrs. Irene Saadeh, Director of PR and Communications Department. 

Governor Shawwa briefed the delegation on the latest developments with respect to the transformation of the PMA to a central bank. He explained that this transformation will take place after the Palestine Central Bank Law receives presidential endorsement, which will soon take place. Governor Shawwa highlighted the efforts made by the PMA to bring about progress in the operation of the Palestinian banking system and to promote financial stability through staying abreast with the most recent banking developments and consolidating ties with the Arab World as well as internationally. 

H.E. Governor Shawwa discussed the details of the MoU signed between the Palestine Deposit Insurance Corporation (PDIC) and KfW, concerning the provision of technological and technical support to PDIC for strengthening the financial safety net and ensuring banking stability in Palestine. In addition, discussions touched upon the joined endeavors to help SMEs achieve sustainable development. The Governor lauded the German government efforts in supporting the Palestinian people in the various economic fields.

From his side, the KfW delegation commended the performance and progress made by the PMA and the Palestinian banking sector, affirming the need to establish continuous communication between the two sides in order to develop further ways of cooperation that achieve financial and economic development in Palestine.