Washington DC, November 14, 2007 — The Institute of International Finance, the global association of financial services firms, today announced the appointment of George T. Abed as Special Advisor to the Managing Director, and Director of the Africa & Middle East Department.

Since April 2005, Mr. Abed has been the Governor and the Chairman of the Board of Directors of the Palestine Monetary Authority. Prior to assuming this position he had been a Special Advisor to the Managing Director of the International Monetary Fund on policy issues and on IMF relations with the countries in the Middle East and North Africa region. Mr. Abed had previously served as Director of the IMF's Middle East and Central Asia Department and as the Chairman of the Investment Committee of the IMF's Staff Retirement Plan.

"I am delighted that George Abed is assuming a very important position in our organization," said IIF Managing Director Charles Dallara. "This is a time of significant challenges to financial firms across the globe and George brings to the IIF a proven record as an outstanding economist and decision-maker that will greatly enhance our work. George will bring this experience to bear on a range of strategic IIF issues as a Special Advisor to me. He has an exceptional level of knowledge and understanding of economics, finance and banking in the Middle East and North Africa and he will not only take the helm in the IIF of an important economic research department, but also of an expanding IIF program in a region where the number of financial services firms in the IIF has grown from 17 in 1997 to 85 today."

The IIF is the global association of financial service firms with more than 370 member institutions across the world.

Mr. Abed, who has published extensively and holds a Ph.D. in economics from the University of California, Berkeley, is a Board member of the Arab Academy for Banking Sciences, a member of the American Economic Association and the founding board member of several not-for-profit associations.

At the Palestine Monetary Authority Mr. Abed was responsible for formulating and overseeing the implementation of policies to ensure monetary and fiscal stability in Palestine and to enhance PMA's capacity to perform its full range of central banking functions. Earlier in his career, apart from service at the IMF, positions he held included that of Founding Board Member and Director General of The Welfare Foundation (Geneva, Switzerland); and Senior Advisor to the Director General of the Kuwait Institute for Scientific Research."