The Banking Executive Magazine - May 2022 Issue

The issue of enhancing access to fi- nance and financial services in the Arab countries is receiving growing attention from the Council of Arab Central Banks and Monetary Author- ities' Governors, in recognition of the potential and significant opportuni- ties that can be achieved by increas- ing financial inclusion to support inclusive and sustainable economic development, address unemploy- ment challenges and achieve equal- ity. There is no doubt that the repercus- sions and challenges for the financial and banking sector during the recov- ery phase from Covid-19 crisis clearly highlight the pressing need to enhance sustainable finance and the social responsibility of financial and banking institutions to serve sustain- able development. In this context, the application of en- vironmental, social and governance standards issued by the United Na- tions is receiving increasing attention from the international community and regional and international finan- cial institutions. Arab central banks realize the impor- tance of promoting social and envi- ronmental responsibilities, as they seek to develop frameworks that help in adopting and implementing these standards by financial and banking institutions operating in their respec- tive jurisdictions. The Arab Monetary Fund is also in- tensifying its efforts in publishing sev- eral studies, reports and guidelines to contribute to addressing priority is- sues, especially in terms of boosting sustainable finance and social re- sponsibility in the Arab region. Considering this, the Council of Arab Central Banks and Monetary Author- the BANKING EXECUTIVE 46 ISSUE 161 MAY 2022 ARAB CENTRAL BANKS, MONETARY AUTHORITIES CHAMPION FINANCIAL INCLUSION