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EBRD, Arab Monetary Fund unite forces to strengthen financial markets in southern and eastern Mediterranean

Arab World Materials 23 April 2012 16:43 (UTC +04:00)
The European Bank for Reconstruction and Development (EBRD) and Arab Monetary Fund (AMF) expands cooperation in the southern and eastern Mediterranean in order to strengthen financial markets in the region, EBRD reported on Monday.
EBRD, Arab Monetary Fund unite forces to strengthen financial markets in southern and eastern Mediterranean

Azerbaijan, Baku, April 23 / Trend A.Badalova /

The European Bank for Reconstruction and Development (EBRD) and Arab Monetary Fund (AMF) expands cooperation in the southern and eastern Mediterranean in order to strengthen financial markets in the region, EBRD reported on Monday.

EBRD and AMF signed a Memorandum of Understanding on Monday, which sets out a framework for greater cooperation in the region's countries. The memorandum was signed by the heads of two organisations.

In particular, the AMF and the EBRD will cooperate in promoting financial markets in the countries of joint interest in the region.

Cooperation between EBRD and AMF will focus on the sharing of information, joint missions, shared technical papers and coordinated policy dialogue with the aim of establishing deep, liquid and transparent local currency capital markets in the countries of joint interest in the region.

According to the President of EBRD Thomas Mirow, southern and eastern Mediterranean is a new region for the EBRD, and the bank attaches much value to working with the AMF, with its wealth of local experience.

"Facilitating access to long term finance, will impact positively on the financial and economic stability of the region," the Director General, Chairman of the Board of the AMF, Jassim Al-Mannai said.

Both organisations are already members of the Deauville Partnership established in 2011 in support of the economic and political changes in the Middle East and North Africa.

The AMF supports the process of economic development in 22 member countries. The EBRD is currently expanding its activities to include the southern and eastern Mediterranean region, focussing specifically on Egypt, Morocco, Tunisia and Jordan.

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