PMA Governor Welcomes Italian Cooperative Banks Delegate

Ramallah

His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, met today at PMA’s headquarters 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, the Governor’s Assistant for Financial Stability Affairs, the Director of Market Conduct Department at PMA Mr. Ali Far’oun, the Director of Public Relations and Communication Department at PMA Mrs. Irene Saadeh, and the Head of Governor’s Office Mrs. Rola Ma’louf joined the welcoming of the delegate. The meeting addressed the idea of cooperative banks in Palestine as was the case of Italy to combat poverty and support sustainable businesses and strengthen socio-economic development.

His Excellency Mr. Azzam Shawwa stated during the meeting with the Italian delegate that PMA was working on preparing a study about the need of the Palestinian market for specialized cooperative banks in cooperation with the Italian government. Such banks would enhance economic activities in line with the successful Italian experience in establishing cooperative banks. Mr. Shawwa said PMA had recently launched national financial inclusion strategy whose objectives intersect with the principle of cooperative banks through enhancing access of societies to financial services to improve living standards social welfare. Mr. Shawwa also briefed the delegate about PMA’s efforts to develop the work of the Palestinian banking system and to safeguard its strength and financial stability, develop the infrastructure of the banking system, enhance the financial safety network and develop supervisory procedures and instructions in accordance with the best international practices and standards. Mr. Shawwa also thanked the Italian government for its support for Palestine in all areas especially the banking sector.