UAE to provide AED255 billion worth of loans, development aid over 10 years – News

Some 148 countries have benefited from UAE aid initiatives in the past 10 years

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UAE Finance Minister Mohamed bin Hadi Al Hussaini said that from 2012 to 2022, the UAE provided a total of 255.5 billion dila to developing countries at an average annual rate of 2 percent of GDP. loans and development aid.

Some 148 countries have benefited from the UAE’s loan and development assistance programs over the past 10 years.

This falls within the country’s policy framework aimed at supporting economic reform programs and promoting the implementation of development projects in Arab and non-Arab countries. In addition, Arab countries have provided $245 billion in aid to developing countries through the Arab Coordination Group by the end of 2022.

The annual Arab Fiscal Forum, held at the World Government Summit, said the economic recovery was gaining momentum thanks to the UAE’s early and forceful response and continued macroeconomic policies.

“This is in addition to vigorous reforms within the framework of the country’s 2050 strategy to encourage private sector growth, boost non-oil growth and attract foreign investment,” said Al Hussaini

The UAE minister pointed out that taxes are an effective tool that has a significant impact on economic growth, as they are one of the sources of budget financing and diversification of economic activities.

The Minister emphasized the use of fiscal policy tools to manage aggregate demand, continue to improve debt management, focus on financing through local markets, and formulate development plans based on current global economic developments.

According to the World Bank report, Al Hussaini reiterated the UAE’s eagerness to exchange its multifaceted development expertise and experience with countries through which the country can achieve real economic growth estimated at 5.9 percent in 2022 compared to 2021. was 4.7%.

In addition, the non-oil GDP of the UAE will increase by 6.1% in 2022, and the non-oil foreign trade volume will increase to more than 1 trillion dirhams in the first half of 2022.

He said the UAE’s pioneering business and economic policies and initiatives have resulted in unprecedented achievements in the Global Competitiveness Index.

The country ranks in the top 10 of the 28 most prominent indicators of global competitiveness in 2022 in various fields including finance, economy, trade, communication, information technology and investment.

– waheedabbas@khaleejtimes.com