Governor of PMA and Egyptian Counterpart Discuss Framework of Mutual Cooperation

Cairo, January 15, 2015

Governor of the PMA, Dr Jihad Al Wazir, met with his Egyptian counterpart, Governor of the Central Bank of Egypt, Dr Hisham Ramez. Attending as well was Chairman of the Association of Banks in Palestine (ABP) Mr. Joseph Nesnas. The meeting focused on the reinforcement of  the mutual cooperation framework, implementation of the memorandum of understanding previously signed between the two parties and enhancement of banking cooperation between both countries. Discussions covered the various MoU clauses and the exchange of expertise to support mutual relations, particularly regarding the area of supervision for the purpose of maintenance of financial stability.   

The meeting took place during Al Wazir’s visit to Egypt to attend the regional conference for countries of the Arab World and North Africa on the “Role of Regulators in Promoting SME Financing in the Arab countries”. The conference was organized by the Arab Monetary Fund, the International Finance Corporation and the Central Bank of Egypt.

Al Wazir chaired the first session of conference, which discussed the topic of opportunities and challenges encountered by SMEs in the MENA region, in which a number of experts and specialists from different International financial institutions took part. During session deliberations, Al Wazir presented the PMA achievements in enhancing abilities and capacities of business enterprises in Palestine as well as its many contributions to facilitating access to finance sources, most importantly through establishing the financial infrastructure as represented by the Credit Registry System and Credit Scoring System.