Algeria, UAE apex banks sign MoU
The MoU is to facilitate and develop the financial and banking sector in both nationsAs the bilateral relationship between Algeria and United Arab Emirates grows, dominated by economic and financial sector agreements, the Central Bank of the UAE and the Bank of Algeria have signed a memorandum of understanding (MoU) to facilitate and develop the financial and banking sector in both nations. The MoU which fosters tie between the two nations was signed on the sidelines of the visit of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, to Algeria last week. Ratified by Governor of Central Bank of the UAE, Mubarak Rashed Al Mansoori and Governor of Bank of Algeria, Muhammad Loukal, the MoU's target is to bring about a structured framework to encourage financial institutions in both nations to articulate their areas of cooperation. The MoU also makes necessary arrangements to provide funding lines and strengthen letters of credits for banks, as well as boosting co-operation in the areas of training and exchange of expertise and information. Algeria and UAE has significant relationship of active cooperation since 1974. Currently, the bilateral relationship of both nations is multifaceted covering financial sector, trade and finance among others.