May 20, 2022

Dubai Week

Complete Dubai News World

Emirates News Agency – “Puna” site for Arab payments has signed a memorandum of understanding with the African payment and settlement system “BAPS”.

Abu Dhabi, April 21 / WAM / Arab Monetary Fund today signed a Memorandum of Understanding (MoU) with the African export-import bank “Afrixim Bank” on cooperation and a coordinated link between the “Bunna” platform for Arab payments. African Payment and Settlement System / BAPS /, a regional agency and bank for the settlement and settlement of financially owned Arab payments.

The liaison between the Buna and BAPS organizations enhances their ability to coordinate their efforts to create a major outlet for payment and settlement operations between the Arab region and the African continent. Strengthening economic ties between Arab and African countries.

This interconnection will enable the participating companies of both parties to expedite their presence in the Arab and international currencies in a secure and cost-effective manner to enhance their presence in the global payments sector.

Strategic cooperation with the African Payment and Settlement System (PAPS) is in line with the efforts of the “Punna” platform for Arab payments, which play a key role in supporting the growth of trade and strengthening investment ties between the Arab region and Africa. Markets.

This collaboration points to promising opportunities for each of the “bunny” and “pops” to capture, in light of the capabilities that will lead to the growth of trade and push the wheel of investment between the Arab world and the African continent.

Dr. Abdul Rahman bin Abdullah Al Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, stressed the importance of the African Export-Import Bank and the Arab Monetary Fund. Support for international efforts to improve economic relations between the Arab region and the African continent, and improve access to financial and high-quality financial services.

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He said: “The Arab Monetary Fund and the African Export-Import Bank are a great role model through their joint venture to improve access to payment opportunities, in line with the Group of Twenty Roads.” Map for improving cross-border payments. “The success of Arab payments in achieving consensus with regional financial infrastructure such as the African Payment and Settlement System (BAPS), the main and additional station in Pune, is the success of the Puna site and its expansion into the global and global network listing to expand and expand its global network. A journey to enhance the value added that the sector provides. On this occasion, we would like to express our gratitude and appreciation to the Arab Bank for its economic growth in Africa and its support in achieving this partnership. ”

For his part, Professor Benedict Orama, Chairman of the Board of Directors of the Export-Import Bank of Africa (Afrixim Bank), said: Additionally an additional achievement.

He added: “The Arab world and Africa have a long history of trade relations. The partnership between Pune and the BAPS will facilitate the development of trade between the two regions. To support their clients in exchanging .. As Chairman of the Governing Board of the Arab-African Trade Bridges Project, I am very proud of this, thanks to the cooperation and support of the Arab Monetary Fund, the Arab Bank for Economic Development in Africa and the International Islamic Trade Fund.

For his part, the Director-General of the Arab Bank for Economic Development in Africa, Dr. CD Old Elda praised the leadership of the working groups of the Arab Monetary Fund, the African Export-Import Bank and the “Bunny Base for Arab Payments”. Contributes to the improvement of the African Payment and Settlement System (BAPS) for signing the Memorandum of Understanding (BAPS), which paved the way for achieving consensual interdependence between the “Punna” and “BAPS” organizations, and to promote trade and support prosperity on the African continent. Arab world.

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He reaffirmed the Arab Bank’s support for the initiative’s economic development in Africa and its readiness to provide the necessary assistance to achieve harmonious interoperability between “Penny” and “PAPS”.

WAM / Ahmad Al Nuaimi / Azam Al Ghauli