Latest news with #financialcooperation
Zawya
15 hours ago
- Business
- Zawya
CBUAE and CBK sign MoUs to promote domestic currency usage and interlink payment and messaging systems
Abu Dhabi: His Excellency Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), and His Excellency Dr. Kamau Thugge, Governor of the Central Bank of Kenya (CBK), have signed Memoranda of Understanding (MoUs) to establish a framework supporting the use of local currencies in settling cross-border transactions and interlinking their payment and messaging systems. The signing ceremony was attended by the Assistant Governors of CBUAE and senior officials from both entities. Under the first MoU, the CBUAE and the CBK will strengthen cooperation between the United Arab Emirates and the Republic of Kenya to support the sustainable development of both financial markets. This agreement will also encourage the use of local currencies in settling cross-border commercial transactions. Under the second MoU, both parties will cooperate on payment systems by exploring opportunities of interlinking instant payment systems and national card switches, in compliance with the regulatory and supervisory frameworks. His Excellency Khaled Mohamed Balama, Governor of the CBUAE, said: 'The signing of these two MoUs reflects strong economic ties between the UAE and the Republic of Kenya. The use of local currencies in settling cross-border transactions, coupled with cooperation in linking instant payment systems, will broaden investment and commercial opportunities for both nations. This initiative paves the way for greater collaboration in the financial and banking sectors, and we look forward to working closely with our partners in Kenya to strengthen financial stability and achieve our mutual interests.' His Excellency Dr. Kamau Thugge, Governor of the CBK, said: 'The economic and cultural links between Kenya and the United Arab Emirates go back many decades. Our two peoples have always traded between themselves, and this has only strengthened in recent years. These two memoranda of understanding will help to further cement these ties, and ensure that our two countries forge ever-closer links in the financial and banking sectors in a scalable and sustainable manner. Settlement of transactions in our two respective currencies will speed up trade and lower the cost of transactions, yielding greater efficiencies in cross-border payments. Additionally, the rapid evolution of payment technology, in which Kenya has been a global leader, will also be enhanced by the interlinking of our two countries' payment systems. This cooperation will yield tangible benefits for both our citizens and investors in the two countries.'
Times of Oman
2 days ago
- Business
- Times of Oman
Oman participates in 123rd meeting of GCC Financial, Economic Cooperation Committee
Kuwait: The Sultanate of Oman on Sunday participated in the 123rd meeting of the GCC Financial and Economic Cooperation Committee, held in Kuwait. Oman's delegation was led by Sultan Salim Al Habsi, Minister of Finance. The meeting discussed the outcome of the 84th meeting of the GCC Central Bank Governors Committee, the meetings of the GCC Customs Union Authority, the 14th meeting of the GCC Tax Departments Committee and the 42nd meeting of the Gulf Common Market Committee. The meeting also reviewed the impacts of the recent rise in US customs duties on GCC states. The GCC Financial and Economic Cooperation Committee reviewed statistics on the Gulf Common Market, the progress of negotiations on free trade agreements between GCC states and other countries and international groups, the outcome of signing and ratification of the agreement on the GCC Payment Linkage System, studies and projects under review by the Office of the GCC Economic and Development Affairs Authority and updates about a programme on achieving economic unity among GCC states, in addition to other matters of common concern. On the sidelines of the meeting, the GCC Secretariat General launched a media campaign titled "All the Gulf is a Homeland". The campaign aims to raise awareness about equal economic and social rights and benefits offered to GCC citizens within the framework of the Gulf Common Market. It also reflects the GCC states' commitment to the concept of the GCC citizenship.
Zawya
27-05-2025
- Business
- Zawya
Germany, Egypt ink $134mln finance deal, new $24mln debt swap tranche
Egypt and Germany signed a €118m (approx. EGP 6.7bn) financial cooperation agreement to support education and the energy pillar of Egypt's 'NWFE' programme, alongside a new €21m (EGP 1.2bn) debt swap tranche for renewable energy supply. The agreements were signed by Egypt's Minister of International Cooperation, Rania Al-Mashat, and German Ambassador to Egypt, Jürgen Schulz. Egypt's Minister of Electricity and Renewable Energy, Mahmoud Esmat, also attended the signing for the new debt swap tranche, which raises the Egypt-Germany Debt Swap Programme's total value to approximately €297m (EGP 16.8bn). The €118m financial cooperation includes a €32m grant for the Comprehensive Technical Education Initiative, benefiting the Ministry of Education and Technical Education. This aims to establish 25 Egyptian Centres of Excellence by constructing around three sector-focused centres. The agreement also allocates €86m – €54m in development financing and €32m in grants – to connect Aqua Power Stations (1) and (2), enabling the offload of 1,100 megawatts of wind energy for the NWFE (Nexus of Water, Food, and Energy) programme's energy pillar. The separate €21m debt swap agreement involves the Central Bank of Egypt, the Ministry of Electricity and Renewable Energy, the Egyptian Electricity Holding Company, and the German Development Bank (KfW), targeting sustainable and renewable energy supply improvement. Al-Mashat said 'these agreements further solidify Egypt's partnership with Germany, contributing to economic development, climate action, and investment in human capital.' She added that 'the financial support agreement is part of an ongoing partnership, bolstered under the framework of the Egyptian-European strategic cooperation and backed by both governments' leaderships.' Al-Mashat also noted the importance of the '€21m debt swap agreement, which builds on cooperation initiated in 2011. Numerous development projects have been carried out under this framework, and the debt swap program with Germany is a practical application of calls to reform the global financial system.' Electricity Minister Esmat confirmed that 'Egypt has undergone a comprehensive infrastructure overhaul and enacted legislative reforms to attract private sector and international investment in electricity and renewable energy, particularly in the renewable energy sector, making Egypt one of the most attractive destinations for investment in this sector.' He highlighted the 'expansion of both solar and wind capacities, driven by both domestic and foreign private sector investment.' Ambassador Schulz stated, 'Egypt is an important partner for Germany in achieving global climate goals. This is why Germany supports Egypt with expertise and funding in its strategic investments for the future, especially in the expansion of renewable energy.' 'From the very beginning, Germany has supported Egypt's climate initiative NWFE as its largest bilateral partner, with assistance amounting to approximately EGP 15bn. The projects referred to in the agreement signed by us today will make it possible to supply more than 2.5 million households with green electricity,' Schulz added. During COP27, Germany committed €250m to support the energy pillar of Egypt's NWFE programme, including €104m in debt swaps. A €54m agreement was signed in 2023 for electricity transmission network investment and to connect two wind farms (Noes Wind Farm and Amunet Red Sea Wind Farm, combined capacity 500 megawatts) to the national grid. Work is ongoing to sign the second debt swap tranche under this programme, valued at €50m.
Zawya
26-05-2025
- Business
- Zawya
Egypt, Germany sign $493.15mln financial cooperation agreement
Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, signed a financial cooperation agreement (FCA) worth €118 million (EGP 6.7 billion) with Jürgen Schulz, Germany's Ambassador to Egypt, according to a statement. The FCA includes a €32 million grant to support the establishment of 25 Egyptian Centers of Excellence to support the technical education initiative. This is in addition to a total of €86 million, comprising €54 million concessional financing and €32 million grants, to finance the ACWA Power (1) and ACWA Power (2) wind power interconnection project. In line with the Nexus of Water, Food, and Energy (NWFE) program, this project is expected to generate 1,100 megawatts of wind power. A new tranche under the debt swap program has also been signed at a value of €21 million (EGP 1.2 billion) to improve sustainable and renewable energy supplies. This tranche was signed between the Central Bank of Egypt (CBE), the Ministry of Electricity and Renewable Energy, the Egyptian Electricity Holding Company (EEHC), and the KfW Development Bank. With this agreement, the value of the debt swap tranches executed between Egypt and Germany rises to approximately €297 million, equivalent to EGP 16.8 billion. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
26-05-2025
- Business
- Zawya
Central Bank of UAE, Azerbaijan counterpart sign deal to strengthen cooperation
ABU DHABI - Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), and Taleh Kazimov, Governor of the Central Bank of the Republic of Azerbaijan (CBAR), signed a Memorandum of Understanding (MoU) aimed at strengthening cooperation and exchange of expertise and information in areas of shared interest within the financial sector. Under the MoU, the two parties will exchange information on best supervisory, regulatory practices, licencing processes pertaining to banking and insurance businesses, and services related to payments and financial infrastructure systems. In addition, they will deepen technical cooperation through training and the exchange of knowledge, including joint studies and research, as well as working visits. Balama said, 'The MoU reflects our tireless efforts and embodies the vision of our wise leadership to enhance economic partnerships with the Republic of Azerbaijan. This collaboration will expand the scope of joint cooperation that supports economic growth for each jurisdiction. "We look forward to working closely with our partners in Azerbaijan within the financial, banking, and insurance sectors to foster the development of the financial technology sector and encourage the adoption of innovative digital payment solutions, with a focus on initiatives that contribute to enhancing financial stability, supporting the growth of the financial sector, and consolidating the UAE's leading position globally.' Kazimov, in turn, emphasised the importance of the MoU signed with the CBUAE in deepening the financial and economic relations between the UAE and Azerbaijan. The governor praised the continuous progress achieved by the financial, banking, and insurance sectors in the UAE across all regulatory and legislative levels, as well as advancements in the digital payment infrastructure and supervisory technology initiatives. He said, "We seek close and fruitful relations with the CBUAE through the exchange of experiences in the financial and banking sector and the development of financial services, which will contribute to strengthening economic, commercial, and investment cooperation between the two friendly countries.'
