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Arab Monetary Fund: Promoting financial inclusion helps to face the challenges of poverty and unemployment
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Economy News - Baghdad
Today, Thursday, the Secretariat of the Board of Governors of Central Banks and Arab Monetary Institutions issued a statement on the occasion of the Arab Financial Inclusion Day, noting that the total issuance of green bonds and sukuk related to sustainable activities amounted to $5.5 billion in Arab countries over the past year.
In its statement, the secretariat said, "The issue of enhancing access to finance and financial services in the Arab countries receives great attention from the Board of Governors of Central Banks and Arab Monetary Institutions, in recognition of the potential and great opportunities that can be achieved through enhancing financial inclusion to support comprehensive and sustainable economic development and confront the challenges of unemployment." There is no doubt that enhancing financial inclusion plays an important role in supporting efforts to confront the repercussions of climate change, by enabling financial sector clients to deal with risks associated with climate change and enhance their ability to recover from the effects of climate change, and this in turn contributes to comprehensive and sustainable development. Hence, the safety and durability of the financial sector.In this context, it is worth noting the need to adopt policies related to climate change within the framework of sustainability, in line with the 2030 Sustainable Development Goals of the United Nations and the guidelines of the Paris Agreement, which is receiving increasing attention from the international community and regional and international financial institutions.
And the statement added, “Recognizing this, the Board of Governors of Central Banks and Arab Monetary Institutions saw the revival of the Arab Day for Financial Inclusion, which is held on April 27 of each year, under the slogan “Promoting financial inclusion to support efforts to confront the repercussions of climate change” for the activities of 2023. In this context, it is important for the financial and banking sector to take the initiative to enhance its ability to deal with climate-related shocks, raise awareness of the concept of the repercussions of climate change, and deepen consumer confidence in financial institutions to limit the negative effects of these changes in the Arab region. the international community in promoting climate-friendly financing and sustainable development in general.In the foreground comes support for the implementation of the sustainable development goals issued by the United Nations and their close connection with climate change issues, and support for the efforts of the Group of Twenty (G20), which adopted the axis of financial inclusion as one of the main axes to support the goals of sustainable development and the promotion of financial stability, as the G20 pays special attention to supporting financial access. Youth, women, micro, small and medium enterprises to financial services, as well as interest in community financial awareness and education, which enhance the chances of success of efforts and policies in this regard.
The statement indicated, "In a related context, one of the important priorities of the twenty-seventh United Nations Climate Change Conference (COP27), which was held in Egypt, was to secure the necessary funding to meet the requirements of climate goals, and it is likely that the participating countries will discuss ways to accelerate and strengthen global efforts to mitigate In the same context, the “Middle East Green Initiative” issued by the Kingdom of Saudi Arabia affirms commitment to international sustainability efforts by setting an ambitious roadmap with clear milestones working to achieve all global targets.
He stressed that "Arab central banks are aware of the great repercussions and challenges of climate change, as they seek to develop policies that support economic growth to adapt to the phenomenon of climate change. In a related context, Arab countries can work on developing and integrating applicable and sustainable country action plans that contribute to Stimulating growth and building sustainable, inclusive and resilient green economies,” he added, adding: “As part of its strategy, the Arab Monetary Fund attaches great importance to priority financial sector development issues, especially in terms of facing the repercussions of climate change and green and sustainable financing, with the aim of contributing to supporting efforts to achieve comprehensive and sustainable development.” and financial stability in the Arab countries.In this regard, the Arab central banks and monetary institutions have adopted the guiding principles issued by the Arab Monetary Fund on "How central banks deal with the repercussions of natural disasters and climate change on the banking system and financial stability. The Arab Monetary Fund has also organized a number of high-level workshops and training courses, in addition to preparing studies and working papers in this field.
He explained, "In this context, the conference on "Supporting the Transition to a Circular Carbon Economy to Achieve Sustainable Development", which was organized by the Arab Monetary Fund, should be noted as supporting the adoption of a circular carbon economy model that takes into account environmental aspects, as well as promoting sustainable economic growth by reducing carbon emissions. In a related context, according to estimates by the Arab Monetary Fund, Arab countries' issuances of green bonds and sukuk related to sustainable activities, whether sovereign or offered by the private sector, amounted to $5.5 billion in 2022.
He pointed out that "within the framework of the growing importance that climate change issues are gaining and their impact on the financial and banking sector, the Council appreciates the activities included in the Financial Inclusion Initiative for the Arab Region that focus on green financing and the role of financial and banking institutions in directing entrepreneurs to sustainable projects and investments, and what they undertake." The partner institutions in the initiative are interested in raising awareness of the concept of the repercussions of climate change, and encouraging products that take into account the environmental dimension and are climate-sensitive.
Despite the progress achieved, there are still great opportunities, especially for financial and banking institutions, to improve access to financial services in Arab societies, target the financially excluded groups, and integrate the informal sector into the national economy by adopting appropriate policies. In this context, the efforts of the Arab countries that have applied the comprehensive model of statistical surveys in the field of financial inclusion must be noted, and the importance of following up on its application in the rest of the countries should be emphasized, in a way that helps improve the quality of financial inclusion indicators according to the conditions of each country.
And he continued, "Within the framework of the continued efforts made by central banks, commercial banks and official Arab financial institutions in the past years, to revive the Arab Day for Financial Inclusion and the distinguished organization of activities and events on this day, which contributed to spreading awareness and financial education among all members of society, it is important It is important to enhance the revival of the activities of the Arab Day for Financial Inclusion and to expand the scope of community participation in it, by implementing events and activities that work to enhance knowledge of the concept of the implications of climate change and issues of sustainable green financing.Central banks and Arab monetary institutions are also looking forward to the participation of other supervisory authorities, especially the ministries of finance and financial institutions. Capital markets, insurance supervisory bodies, bank associations and all other financial institutions in reviving the activities of the Arab Financial Inclusion Day for the year 2023.
According to the statement, the Director General and Chairman of the Board of Directors of the Arab Monetary Fund, Abd al-Rahman bin Abdullah al-Hamidi, stressed "the importance and role of financial inclusion in facing economic challenges that affect economic growth, by mobilizing resources to increase savings and investment rates and create new job opportunities." He praised the "increasing interest that policy makers in the Arab countries have given to issues related to enhancing financial inclusion, which would help address the challenges of poverty and unemployment and establish social justice."
Al-Hamidi noted "the efforts of central banks and Arab monetary institutions, which are keen to continue giving the necessary importance to issues of improving financial inclusion and access to quality financial services at acceptable costs, giving them appropriate importance and priority within the framework of the economic policies taken, promoting awareness of climate change and its impact on financial stability, and applying Responsible financing requirements, promoting green financial culture, supporting the green finance sector and green projects, and benefiting from modern financial technologies in providing financial services.
Al-Hamidi thanked "central banks, financial and banking institutions, and bank unions and associations in the Arab countries, for their efforts in launching activities on the occasion of the Arab Day for Financial Inclusion, and the importance they represent in achieving the desired purpose of this occasion."
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Added 04/27/2023 - 10:35 AM
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Economy News - Baghdad
Today, Thursday, the Secretariat of the Board of Governors of Central Banks and Arab Monetary Institutions issued a statement on the occasion of the Arab Financial Inclusion Day, noting that the total issuance of green bonds and sukuk related to sustainable activities amounted to $5.5 billion in Arab countries over the past year.
In its statement, the secretariat said, "The issue of enhancing access to finance and financial services in the Arab countries receives great attention from the Board of Governors of Central Banks and Arab Monetary Institutions, in recognition of the potential and great opportunities that can be achieved through enhancing financial inclusion to support comprehensive and sustainable economic development and confront the challenges of unemployment." There is no doubt that enhancing financial inclusion plays an important role in supporting efforts to confront the repercussions of climate change, by enabling financial sector clients to deal with risks associated with climate change and enhance their ability to recover from the effects of climate change, and this in turn contributes to comprehensive and sustainable development. Hence, the safety and durability of the financial sector.In this context, it is worth noting the need to adopt policies related to climate change within the framework of sustainability, in line with the 2030 Sustainable Development Goals of the United Nations and the guidelines of the Paris Agreement, which is receiving increasing attention from the international community and regional and international financial institutions.
And the statement added, “Recognizing this, the Board of Governors of Central Banks and Arab Monetary Institutions saw the revival of the Arab Day for Financial Inclusion, which is held on April 27 of each year, under the slogan “Promoting financial inclusion to support efforts to confront the repercussions of climate change” for the activities of 2023. In this context, it is important for the financial and banking sector to take the initiative to enhance its ability to deal with climate-related shocks, raise awareness of the concept of the repercussions of climate change, and deepen consumer confidence in financial institutions to limit the negative effects of these changes in the Arab region. the international community in promoting climate-friendly financing and sustainable development in general.In the foreground comes support for the implementation of the sustainable development goals issued by the United Nations and their close connection with climate change issues, and support for the efforts of the Group of Twenty (G20), which adopted the axis of financial inclusion as one of the main axes to support the goals of sustainable development and the promotion of financial stability, as the G20 pays special attention to supporting financial access. Youth, women, micro, small and medium enterprises to financial services, as well as interest in community financial awareness and education, which enhance the chances of success of efforts and policies in this regard.
The statement indicated, "In a related context, one of the important priorities of the twenty-seventh United Nations Climate Change Conference (COP27), which was held in Egypt, was to secure the necessary funding to meet the requirements of climate goals, and it is likely that the participating countries will discuss ways to accelerate and strengthen global efforts to mitigate In the same context, the “Middle East Green Initiative” issued by the Kingdom of Saudi Arabia affirms commitment to international sustainability efforts by setting an ambitious roadmap with clear milestones working to achieve all global targets.
He stressed that "Arab central banks are aware of the great repercussions and challenges of climate change, as they seek to develop policies that support economic growth to adapt to the phenomenon of climate change. In a related context, Arab countries can work on developing and integrating applicable and sustainable country action plans that contribute to Stimulating growth and building sustainable, inclusive and resilient green economies,” he added, adding: “As part of its strategy, the Arab Monetary Fund attaches great importance to priority financial sector development issues, especially in terms of facing the repercussions of climate change and green and sustainable financing, with the aim of contributing to supporting efforts to achieve comprehensive and sustainable development.” and financial stability in the Arab countries.In this regard, the Arab central banks and monetary institutions have adopted the guiding principles issued by the Arab Monetary Fund on "How central banks deal with the repercussions of natural disasters and climate change on the banking system and financial stability. The Arab Monetary Fund has also organized a number of high-level workshops and training courses, in addition to preparing studies and working papers in this field.
He explained, "In this context, the conference on "Supporting the Transition to a Circular Carbon Economy to Achieve Sustainable Development", which was organized by the Arab Monetary Fund, should be noted as supporting the adoption of a circular carbon economy model that takes into account environmental aspects, as well as promoting sustainable economic growth by reducing carbon emissions. In a related context, according to estimates by the Arab Monetary Fund, Arab countries' issuances of green bonds and sukuk related to sustainable activities, whether sovereign or offered by the private sector, amounted to $5.5 billion in 2022.
He pointed out that "within the framework of the growing importance that climate change issues are gaining and their impact on the financial and banking sector, the Council appreciates the activities included in the Financial Inclusion Initiative for the Arab Region that focus on green financing and the role of financial and banking institutions in directing entrepreneurs to sustainable projects and investments, and what they undertake." The partner institutions in the initiative are interested in raising awareness of the concept of the repercussions of climate change, and encouraging products that take into account the environmental dimension and are climate-sensitive.
Despite the progress achieved, there are still great opportunities, especially for financial and banking institutions, to improve access to financial services in Arab societies, target the financially excluded groups, and integrate the informal sector into the national economy by adopting appropriate policies. In this context, the efforts of the Arab countries that have applied the comprehensive model of statistical surveys in the field of financial inclusion must be noted, and the importance of following up on its application in the rest of the countries should be emphasized, in a way that helps improve the quality of financial inclusion indicators according to the conditions of each country.
And he continued, "Within the framework of the continued efforts made by central banks, commercial banks and official Arab financial institutions in the past years, to revive the Arab Day for Financial Inclusion and the distinguished organization of activities and events on this day, which contributed to spreading awareness and financial education among all members of society, it is important It is important to enhance the revival of the activities of the Arab Day for Financial Inclusion and to expand the scope of community participation in it, by implementing events and activities that work to enhance knowledge of the concept of the implications of climate change and issues of sustainable green financing.Central banks and Arab monetary institutions are also looking forward to the participation of other supervisory authorities, especially the ministries of finance and financial institutions. Capital markets, insurance supervisory bodies, bank associations and all other financial institutions in reviving the activities of the Arab Financial Inclusion Day for the year 2023.
According to the statement, the Director General and Chairman of the Board of Directors of the Arab Monetary Fund, Abd al-Rahman bin Abdullah al-Hamidi, stressed "the importance and role of financial inclusion in facing economic challenges that affect economic growth, by mobilizing resources to increase savings and investment rates and create new job opportunities." He praised the "increasing interest that policy makers in the Arab countries have given to issues related to enhancing financial inclusion, which would help address the challenges of poverty and unemployment and establish social justice."
Al-Hamidi noted "the efforts of central banks and Arab monetary institutions, which are keen to continue giving the necessary importance to issues of improving financial inclusion and access to quality financial services at acceptable costs, giving them appropriate importance and priority within the framework of the economic policies taken, promoting awareness of climate change and its impact on financial stability, and applying Responsible financing requirements, promoting green financial culture, supporting the green finance sector and green projects, and benefiting from modern financial technologies in providing financial services.
Al-Hamidi thanked "central banks, financial and banking institutions, and bank unions and associations in the Arab countries, for their efforts in launching activities on the occasion of the Arab Day for Financial Inclusion, and the importance they represent in achieving the desired purpose of this occasion."
Views 82
Added 04/27/2023 - 10:35 AM
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