Governor of PMA Participates in Alliance for Financial Inclusion Annual Conference in Sharm el Sheikh

Sharm el Sheikh, September 15, 2017

Governor of the PMA Azzam Shawwa presided over a PMA delegation participating in the 9th annual general meeting of the Alliance for Financial Inclusion (AFI), co-hosted by the Central Bank of Egypt (CBE) and AFI from 13-15 September 2017 in Sharm el Sheikh. The Meeting was opened by President Abdel Fattah El Sisi. The conference, convened under the auspices of the CBE, is the largest international conference on financial inclusion with participation from more than 94 states and 119 international institutions. 

Governor Shawwa met with Governor of CBE Tarek Amer and briefed him on the condition of the banking sector in Palestine. He praised the distinguished relationship between the PMA and the CBE, which has offered its support to its Palestinian counterpart since its establishment. Governor Shawwa affirmed the robustness of the banking sector, which includes an Egyptian bank. 

Governor of the PMA delivered an intervention at the conference in which he addresses the relationship between financial inclusion and the fulfillment of the UN Sustainable Development Goals (SDGs). Furthermore, he presented an overview of the efforts made by the PMA to support SME sector, empower women and raise financial awareness amongst children and young people, which have contributed to enhance production capabilities and boost economic growth.

During the conference, financial inclusion initiatives and endeavors made by AFI members from the Arab World were showcased. Among those attending were President of the Arab Monetary Fund, governors of the central banks of Arab countries, governors and deputy governors of many central banks of AFI-member countries worldwide, members of board of AFI and representatives of international financial institutions. 

It is worth mentioning that the PMA is a member in AFI since 2010. In 2014, AFI published a report stating that the efforts of the PMA and the PCMA have positioned Palestine as a pioneer of financial inclusion in the Middle East and North Africa (MENA) region.

Within this context, the PMA and the Palestine Capital Market Authority (PCMA) spearhead the efforts for the establishment of the National Strategy on Financial Inclusion in Palestine, within a clear and well-developed plan based on the main principles for enhancing financial inclusion endorsed by the G20 and the AFI as well as the OECD Principles on National Strategy for Financial Education. 

Categories: Seminars, Banks, PMA