The Union for the Mediterranean and the Union of Arab Banks, a non- profit affiliated with the League of Arab States that fosters collaboration between members and the international business community, signed a Memorandum of Understanding establishing bilateral cooperation in areas of common interest including climate change, women’s empowerment, and financial literacy.
The signing ceremony, which took place at the UfM’s Palau de Pedralbes headquarters in Barcelona, saw representatives of both institutions agree to promote the visits of officials or experts, cooperative projects, consultations, seminars and workshops as well as the exchange of best practices. The MoU will be in force until at least 2027, with parties meeting annually to oversee their collaborative work plan.
‘This collaboration is a testament to our shared commitment to addressing gender disparities in the financial sector, providing women-led businesses with opportunities, and promoting inclusive economic development in the Mediterranean
region,’ said UfM Secretary General Nasser Kamel. ‘It will strengthen our collective efforts towards creating a conducive environment for women-led businesses to thrive and contribute to more equitable economic growth.’
Wissam Fattouh, the Secretary General of the UAB, stated: “the Union of Arab Banks is honoured to join hands with the Union for the Mediterranean in pursuit of shared goals. This collaboration marks a significant step towards addressing the pressing challenges of our time. By combining our strengths and resources, we are confident that we can make a lasting impact and contribute to positive change in our communities.”
The first joint effort following signing of this agreement will take shape in the form of the 2024 International Women’s Day Event in Cairo, Closing Gender Gaps in the MENA Financial Sector: Towards Women-Led Business Development. Co-organised by both parties, the two-day conference on the challenges faced by women entrepreneurs when scaling up their businesses will bring toget
her senior bankers and entrepreneurs from the MENA region.
The Union for the Mediterranean (UfM) is the only Euro-Mediterranean inter-governmental organisation that brings together the countries of the European Union and 16 countries from the Southern and Eastern Mediterranean. The UfM provides Member States with a forum to strengthen regional cooperation, dialogue and to implement projects and initiatives that have a tangible impact on citizens to meet the region’s three strategic objectives: stability, human development, and integration.
Source: National News Agency – Lebanon