The disbursement of the loan has been processed through “Buna” Payment platform, which facilitates cross-border payments in multiple currencies.
Abu Dhabi, 26 May 2023: The Arab Monetary Fund (AMF) extended a new ordinary loan to the Hashemite Kingdom of Jordan, with an amount of Arab Accounting Dinar 12.79 million, the equivalent of approximately USD 51 million to support the economic reforms implemented by the kingdom. The disbursement of the loan was processed through “Buna”, the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, owned by The Arab Monetary Fund “AMF.” It cements its position as a reliable partner for central banks and financial institutions.
The agreement was signed on Monday, May 15, 2023, between H.E. Dr. Mohamad Al-Ississ, Jordan’s Minister of Finance, on behalf of the Hashemite kingdom of Jordan, and H.E. Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of Executive Directors of the AMF and Chairman of Buna, on behalf of the AMF with the aim to provide financial support to strengthen the country’s financial position.
Processing the transaction through Buna underscores the growing trust the central banks are placing in Buna to respond to the needs of commercial banks and central banks in Arab and international currencies. This also signifies the central bank's trust in the transparency, efficiency, and security provided by Buna's platform.
On this occasion, H.E. Dr. Mohamad Al-Ississ, Jordan’s Minister of Finance said: "We are grateful for the AMF’s support and appreciate the role it plays in strengthening the ability of Arab countries to maintain economic stability and face current challenges.” He added: “This collaboration demonstrates the shared commitment to sustainable economic growth in the Arab region”.
For his part, H.E. Dr. Adel Al-Sharkas, Governor of the Central Bank of Jordan, shared his happiness in using Buna’s platform for cross-border payments through the Central Bank of Jordan, one of Buna’s direct participants, which in turn enhances the opportunity to benefit from the innovative services of the platform in support of regional financial integration in the Arab world.
H.E. Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the AMF and Chairman of the Board of Buna affirmed AMF keenness to supporting the economic and financial reform efforts in the Arab countries. He praised the Jordanian government efforts in enhancing economic and financial stability. He expressed his satisfaction that Buna’s services are being used to process government transactions and payments among Arab countries, noting the strategic values and huge opportunities the platform offers to the region. He also extended his appreciation to the Central Bank of Jordan for its continuous support to Buna.