The Governor of Palestine Monetary Authority Views the Italian Experience in the Area of Cooperative Banks
Italy – His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, and an accompanying delegation, visited the Federation of Italian Cooperative Banks. They were received by officials from the Federation of Italian Cooperative Banks headed by Mr. Heiner Nicolussi-Leck.
An extended tour of the delegation was organized to view the Italian experience in regulating the work of cooperative banks. The delegation accompanying Mr. Shawwa included Mr. Ali Far’oun, the Director of Market Conduct Department, and Mr. Mohammad Manasrah, Director of Supervision and Inspection Department. Mr. Shawwa said the purpose of the visit and the tour was to get a closer look at the work of specialized cooperative banks, and to benefit from this experience in Palestine, considering this type of banks aims to fight poverty and to support sustainable projects and to promote community and economic development. Mr. Shawwa stressed that Palestine Monetary Authority, under the guidance of President Mahmoud Abbas, was ready to provide all support for the establishment of cooperative banks, based on the realization of their importance, and that Palestine Monetary Authority had recently worked on amending the Banking Law to support the establishment of cooperative banks.
Mr. Shawwa thanked the Italian Government and the Federation of Italian Cooperative Banks for their continued support for the State of Palestine in all areas, particularly the support of the banking sector.
It is worth mentioning that a delegation from the Federation of Italian Cooperative Banks, which included the President of the Federation Mr. Heiner Nicolussi-Leck, and his deputy Mr. Giorgio Merigo, visited Palestine Monetary Authority in February, and they had an in-depth discussion of the needs of the Palestinian economy for this type of specialized cooperative banks, and mechanisms to provide the legal environment necessary to establish these banks in accordance with the laws and instructions of Palestine Monetary Authority, and their effect on enhancing the access and use of the society of financial services to improve living conditions and promote social well-being for individuals, the development of the national economy, especially as it intersects with the action plan of the National Financial Inclusion Strategy.
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