AMF Launches Buna Payment Platform

The Arab Monetary Fund (AMF) logo
The Arab Monetary Fund (AMF) logo
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AMF Launches Buna Payment Platform

The Arab Monetary Fund (AMF) logo
The Arab Monetary Fund (AMF) logo

The Arab Monetary Fund (AMF) launched ‘Buna’, a regional payment platform that enables regional financial institutions to send and receive cross-border payments across the Arab region and beyond in Arab currencies, as well as key international currencies, in an efficient, cost-effective, risk-controlled, and transparent environment.

AMF issued a statement announcing the launch of the platform which it described as a multi-currency payment platform that provides clearing and settlement services, in Arab and international currencies that meet the eligibility criteria related to the clearing and settlement of inter-Arab financial transactions.

The platform comes as a culmination of months of planning and collaboration with global and regional stakeholders and provides members with modern payment platform compliant with international standards, according to AMF.

The Fund indicated that bringing Buna to reality constitutes a major, tangible and irreversible step towards the empowerment and integration of Arab economies.

The launch of Buna signals the start of the gradual on-boarding operations of financial institutions, including commercial and central banks, that have opted to be pioneers of this first-of-its-kind regional financial market infrastructure.

The Funds aims to process the first payment transaction in a few weeks.

Director General and Chairman of the Board of Executive Directors of AMF, Abdulrahman al-Hamidy, said that the strategic launching of the new system encourages and develops Arab financial activities, commercial trade, and cross-border investments.

This system aims to promote trade relations and develop investment activities between the Arab countries. It also provides an environment that facilitates the development of financial and banking services and products in the region, according to the Chairman.

Hamidy praised governors of Arab central banks and monetary institutions, the Board of Governors of the Fund and its Board of Directors for their efforts in supporting the platform’s inauguration.

He especially thanked the United Arab Emirates authorities for providing significant reinforcement for the launch of the platform.



Saudi Arabia Prepares Investment Environment for Food Security with Private Sector Participation

A food store in Saudi Arabia (Asharq Al-Awsat)
A food store in Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia Prepares Investment Environment for Food Security with Private Sector Participation

A food store in Saudi Arabia (Asharq Al-Awsat)
A food store in Saudi Arabia (Asharq Al-Awsat)

The Saudi government has granted the General Authority for Food Security (GFSA) the authority to expand its revenue sources through investment initiatives and strategic partnerships with the private sector.

The new move is intended to enhance the Authority’s capacity to fulfill its mandate, align with national goals, and operate within regulatory frameworks, while also cultivating a competitive investment environment within the food security sector.

Recently, the Council of Ministers approved the formal organization of the GFSA, further reinforcing its role in safeguarding national interests and ensuring compliance with relevant regulations.

This development follows the Cabinet’s decision in January 2023 to rename the former Grain Silos and Flour Mills Organization as the General Authority for Food Security.

The change aims to unify the efforts of government bodies and the private sector, improve system efficiency, and raise overall performance.

The investment of the Authority’s funds will be jointly managed by the Minister of Environment, Water and Agriculture, who also chairs the GFSA, and the Minister of Finance.

The collaboration ensures the effective use of revenues in a way that supports long-term financial sustainability. Fees for services provided by the Authority will be set in coordination with the Ministry of Finance and the Center for Non-Oil Revenue Development until formal governance procedures are established.

Under the new regulatory structure, the GFSA is authorized to propose and amend laws, policies, and strategies related to food security. It can also recommend updates to the list of strategic commodities in coordination with other relevant bodies.

The Authority is tasked with developing and overseeing emergency response plans and strategic food storage policies. It will also supervise the storage of key food commodities by the private sector, monitor usage and rotation, and take necessary action based on its findings. In addition, it will assess food loss and waste throughout the supply chain and formulate strategies to minimize it, including recycling programs in partnership with other entities.

The GFSA is required to establish electronic links with public and private institutions to access necessary data, and it may enter into agreements related to food security both domestically and internationally. Its funding will come from government allocations, service fees, investment returns, and approved donations, with all revenue managed through accounts coordinated with the Ministry of Finance.