H.E. Dr. Fahad M. Alturki, Director General Chairman of the Board of the Arab Monetary Fund (AMF), signed a Memorandum of Understanding with the Inter-American Development Bank (IDB) on the sidelines of the Spring Meetings of the International Monetary Fund and the World Bank, held in Washington, D.C.
The MoU aims to strengthen cooperation on strategic issues related to financial development in Latin America, the Caribbean, and the Arab region by focusing on three key areas:
- Payment Systems: Deepening cooperation between AMF’s Buna platform and IDB’s payments work, including the FUSSE initiative, which currently works at the local level only. This includes joint technical assistance and knowledge exchange to promote more efficient, interoperable cross-border payment systems.
- Climate Finance and Carbon Markets: Advancing shared research and technical work on carbon pricing, green taxonomies, and fiscal incentives. The two institutions will also coordinate ahead of COP30 and collaborate through key events such as the AMF’s Green Finance Meeting and IDB-led climate forums.
- Public Sector Asset Management (CASA Program): Supporting treasury modernization across the public sector through secondments, technical workshops, and advisory services focused on complex financial instruments and analytics.
On this occasion, H.E. Dr. Fahad M. Alturki stated: "Our collaboration with the Inter-American Development Bank reflects a shared commitment to advancing financial innovation, institutional development, and economic sustainability across our regions. This partnership will further enable us to exchange expertise, enhance cross-regional dialogue, and deliver impactful capacity-building initiatives.”
Ilan Goldfajn, President of the Inter-American Development Bank, also remarked: "This agreement represents a significant milestone in strengthening ties between Latin America and the Caribbean and the Arab world. By partnering with the Arab Monetary Fund, we’re deepening cooperation on real-time payment systems, advancing joint research on carbon markets and climate finance, and public sector asset management through treasury modernization."
The MoU provides a platform for secondments, joint events, and coordinated technical assistance to foster innovation, improve institutional capacity, and drive sustainable finance.