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Tuesday, February 27, 2024

Minister of State for Financial Affairs meets World Bank’s GCC Director

Mohamed bin Hadi Al Hussaini, the Minister of State for Financial Affairs, met with Safaa El Tayeb El-Kogali, the World Bank’s Country Director for the GCC countries, accompanied by Iva Hamel, the World Bank Representative in the UAE.

During the meeting, Al Hussaini conveyed the UAE’s appreciation for the World Bank’s mission, strategic goals, and global development efforts. He commended the World Bank’s endeavors, particularly in the region. The discussion revolved around the cooperation between the UAE and the World Bank Group, emphasizing a strong, strategic, and sustainable partnership. They also explored opportunities for expanding partnerships on regional and global scales.

The discussions aligned with the directives of the UAE’s leadership, the bank’s strategic framework, and its goals and priorities, including enhancing the investment climate, reinforcing policies and institutions, and sharing knowledge, technical support, and advisory services related to public debt and asset management.

The delegations also addressed how the World Bank can support the UAE in realizing its strategic visions, especially in becoming a global hub for climate tech innovation and advancing towards the goals of the Paris Agreement. The role of financing in climate action was emphasized, highlighting the strategic partnership with COP28, hosted by the UAE in November.

COP Presidency’s action plan, consisting of four pillars, was discussed: facilitating a responsible energy transition, developing climate financing mechanisms, enhancing lives and livelihoods, and ensuring inclusivity. These pillars aim to produce concrete and effective results at COP28 in alignment with the Paris Agreement goals.

El-Kogali praised the upcoming World Government Summit 2024, hosted by the UAE under the theme “Shaping Future Governments.” The summit will concentrate on developing tools, policies, and models for shaping future governments.

Al Hussaini also emphasized the need for enhanced cooperation to fully utilize the World Bank’s programs supporting the development of national capabilities, particularly in the context of the UAE’s focus on human capital as a driving force for national development and education as a strategic priority.

In conclusion, the delegations discussed cooperation plans and future activities of the World Bank Group’s office in the UAE. They acknowledged the UAE’s efforts in economic diversification, enhancing competitiveness, improving the ease of doing business, and creating an attractive environment for local, regional, and global investors.

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