Palestine Monetary Authority and European Bank for Reconstruction and Development Sign Technical Assistance Agreement

Jordan – His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, and Pierre Heilbronn, Vice President Policy and Partnerships of the European Bank for Reconstruction and Development, signed today technical assistance agreement before the President of the European Bank for Reconstruction and Development, Sir Suma Chakrabarti, and Ms. Janet Heckman, the Managing Director for the Southern and Eastern Mediterranean (SEMED) Region, and Ms. Heike Harmgart, the Regional Director of the Eastern Mediterranean Region of the European Bank for Reconstruction and Development, in Amman, Jordan. The signing was conducted during the participation of Mr. Shawwa in the 2-day EBRD’s Twenty-Seventh Annual Meeting and Business Forum in Jordan.

The Agreement aims to enhance the flexibility of the Palestinian financial system and help PMA in management of assets and liabilities and to benefit from the extensive expertise of EBRD in this field.

His Excellency Mr. Shawwa said the Agreement aimed to assist and support PMA in building its technical capacities in managing assets and liabilities through implementing the best international standards in this field and to set up improved patterns to manage gaps in liquidity and managing assets and liabilities to enhance the efficiency of operations and improve performance to required levels. The Agreement also allows for assisting in analyzing gaps in financial data and ensure sound basis for making sound decisions in accordance with the best standards and practices in this field. The Agreement ensures that PMA is ready to become full-fledged central bank and apply the best international practices, according to Mr. Shawwa.

This Agreement is the second form of cooperation between Palestine and EBRD; the first was when EBRD invested in the West Bank and Gaza Strip for the first time in March through a $5 million loan to Cairo Amman Bank in Palestine. This event was conducted under the auspices of His Excellency Mr. Azzam Shawwa.

*****