/ Sunday, February 17, 2019 / Categories: PMA Palestine Monetary Authority Governor Discusses Recent Developments Concerning Establishing Cooperative Banks in Palestine with Italian Cooperative Banks Delegates His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, met today at his office in Ramallah with delegate from Italian cooperative banks including Mr. Heiner Nicolussi-Leck, Chairman of the Board of Statutory Auditors, Cassa Raiffeisen di Brunico Società Cooperativa and Mr. Giorgio Merigo, Chairman of the Board of Directors of Credito Cooperativo Dell'Adda e del Cremasco - Cassa Rurale Soc. Coop. Dr. Riyad Abu Shehadah, Deputy Governor of the Palestine Monetary Authority, and heads of departments at Palestine Monetary Authority attended the meeting. The meeting addressed the recent developments concerning the idea of establishing specialized cooperative banks in Palestine to combat poverty and support sustainable businesses and strengthen socio-economic development. The meeting also discussed a number of issues concerning the extent to which the Palestinian economy needed this kind of specialized cooperative banks, the mechanisms of drafting necessary legislations to establish such banks in line with the laws and instructions of Palestine Monetary Authority, and their impact on enhancing access and use of the society of financial services to improve living standards and social welfare, as well as developing national economy, especially that they intersect with the Action Plan of the National Financial Inclusion Strategy. Mr. Shawwa asserted that Palestine Monetary Authority, acting upon guidance from His Excellency President Mahmoud Abbas, was ready to give all support and assistance to establishing cooperative banks, which was consistent with understanding the importance of this kind of banks. Mr. Shawwa explained that Palestine Monetary Authority had recently worked on amending the Banks Law in support of establishing cooperative banks. Technical work is currently underway to review the study prepared by Italian cooperative banks about cooperative banks in Palestine, according to Mr. Shawwa. Cooperatives in Palestine are regulated by the Cooperative Work Commission of the Ministry of Labor. Palestine Monetary Authority is always ready to support the idea of cooperatives including cooperative lending societies and specialized banks authorized and regulated by Palestine Monetary Authority, said Mr. Shawwa. Mr. Shawwa also thanked the Italian government and the Italian cooperative banks for their support for Palestine in all areas especially the banking sector. The Italian delegates praised the noticeable development of Palestine Monetary Authority and the Palestinian banking sector and said they were prepared for joint cooperation and to assist in establishing Palestinian cooperative banks in the same way of the Italian experience to ensure Palestinian economic growth. Previous Article His Excellency Governor of PMA Participates in the opening of a conference to Increase Access to Finance for Smaller Businesses in West Bank and Gaza Next Article Jericho – February 24, 2019 – His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, inaugurated today, Arab Islamic Bank branch in Jericho. Jericho Governor Mr. Jihad Abu A Print 2540