CAB

Agreement on the provision of banking services between the <<Ministry of Finance>> and <<Cairo Amman Bank>>

Date: 
Mon, 2016-10-03

 

The Ministry of Finance and Cairo Amman Bank signed an agreement on the provision of banking services under which the Bank collects government revenues from all its branches and have them transferred to the general account of the treasury on daily basis, as well as government cheques cashing which are being drawn on the Central Bank according to the mechanism approved by “ The Central Bank”.

 The agreement was signed on behalf of the Ministry by his Excellency the Minister of Finance Omar Malhas, and on behalf of Cairo Amman Bank by the General Manager Kamal Al-Bakri in the presence of the Secretary General of the Ministry of Finance Ezzeddin Kanakrieh as well as the technical team at the Ministry and the Bank.

Malhas said: This agreement is part of the Ministry of Finance strategy aimed at continuing to improve the performance of the financial management through the application of the treasury unified account which means collection of cash belonging to the government in one account through transferring the balances of accounts being opened in the names of ministries and government departments as well as government units included in the law of government units budgets at the commercial banks to this account and having collection and cashing of revenues and deposits transactions implemented through it.

From his side, the General Manager of Cairo Amman Bank said: This cooperation between the Bank and the Ministry of Finance is a continuation of the relationship of cooperation between the Bank and the Ministry since the year 2012, stressing that the signing of this agreement is the result of this mutual trust and the outcome of having Cairo Amman Bank won the tender which the invitation to was made by the government through transparent procedures and competition was opened to all parties that terms apply to, and enthrone participatory between the government sectors and the private sector which is one of the national tributary institutions for the government action, adding that our goal is to provide all what is necessary in order to continue with financial reform policy pursued by the government.

About the importance of the banking services agreement and the treasury unified account, Secretary General of the Ministry of Finance Ezzeddin Kanakrieh considered that signing the agreement will allow the Ministry of Finance to have optimal use of the financial resources, especially that having all government accounts connected in one unified account helps to unify the financial vision of the government institutions, and it is an important aspect of the financial reform project which the government has taken upon themselves to continue to implement its ideal aspects.

The Ministry of Finance has made an invitation to bid for the provision of banking services in the local press at the beginning of this year where two commercial banks applied for. And according to bases and standards, the tender was awarded to Cairo Amman Bank which offered to provide banking services as per the terms of the tender. 

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