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The Palestine Monetary Authority signs a memorandum of understanding with the Palestinian Agricultural Credit Institution to provide it with the Unified credit inquiry service
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The Palestine Monetary Authority signs a memorandum of understanding with the Palestinian Agricultural Credit Institution to provide it with the Unified credit inquiry service

14-12-2021

Ramallah and Al-Bireh

The Governor of the Palestine Monetary Authority (PMA), Dr. Feras Milhem, signed today at the headquarters of the PMA, a memorandum of understanding with the President of the Palestinian Agricultural Credit Institution Dr. Abdul Moneim Wahdan, to provide the institution with the unified credit inquiry service, in the presence of His Excellency the Minister of Agriculture Mr.  Riad Atari/ Chairman of the Board of Directors of the institution, Vice President of the institution Engineer Riad Al-Shahed, Deputy Governor of the PMA Mr. Mohammad Manasrah, and several directors from the Palestinian Agricultural Credit Institution and the PMA.

The memorandum of understanding provides for the Palestinian Agricultural Credit Institution to benefit from the system developed by the PMA, which includes a database that provides some relevant credit and demographic information about borrowers and their sponsors, individuals or institutions, and their classification on the bounced cheques system.

For his part, the Governor pointed out that the credit inquiry service works to enhance the position and capabilities of companies and investment institutions and protects them from problems in cash liquidity or credit rating and enables its users to recognize the creditworthiness of the customers they deal with on the basis of credit sale with post-dated checks and taking a sound credit decision that will prevent it from being exposed to credit risks.

The governor stressed the PMA's readiness to develop the horizon of cooperation between the two sides, particularly through the Sustainability Fund launched recently by the PMA to finance small, medium, and micro enterprises, with the aim of supporting and developing the agricultural sector.

His Excellency the Minister of Agriculture welcomed this positive cooperation between the Palestinian Agricultural Credit Institution and the PMA, especially since the foundation is one of the important arms to implement the ministry's policies towards farmers in the process of financing and lending to achieve the desired goals of its existence, which meets the agricultural, development and community needs. He also blessed this memorandum.

For his part, Dr. Wahdan stressed the importance of signing this memorandum with the PMA, which comes to support the sustainable development process that the institution oversees, to achieve effective development that leads to economic empowerment among the beneficiaries of agricultural financing and lending programs and constitutes a lever for future cooperation with the PMA.

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