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03 October 2023

Minister of State for Financial Affairs meets World Bank's Country Director for GCC countries

By E247

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

Al Hussaini expressed the UAE's appreciation for the World Bank's mission, strategic goals and global development work, and praised its efforts, especially in the region.

They discussed cooperation between the UAE and the World Bank Group based on a firm, strategic and sustainable partnership, also addressing the potential for expanding partnerships on a regional and global level.

The discussions were in line with the directives of the UAE’s leadership, the strategic framework of the bank, as well as its objectives and priorities, which include improving the investment climate, strengthening policies and institutions and sharing knowledge, technical support and advisory services in the field of public debt and asset management.

The delegations also discussed how the World Bank can support the UAE in achieving its strategic visions, strengthening the UAE's position as a global hub for climate tech innovation, and accelerating progress towards the goals of the Paris Agreement.

They also addressed the role of financing in climate action, highlighting the importance of the World Bank's strategic partnership with COP28, which the UAE will host in November.

The COP Presidency's action plan focuses on four pillars, including accelerating an orderly, responsible and just energy transition, developing climate financing mechanisms, improving lives and livelihoods, and ensuring inclusion. These pillars are designed to help produce tangible and effective results at COP28 in support of the goals of the Paris Agreement.

El-Kogali praised the World Government Summit 2024, which the UAE will host under the theme of 'Shaping Future Governments". The summit will focus on developing tools, policies and models to shape future governments.

Al Hussaini also spoke about enhancing cooperation to fully leverage the World Bank's programmes that are designed to support the development of national capabilities, especially considering the UAE considers human capital to be the main engine for its national development. The country regards education as a strategic priority for the development of national talent and youth.

At the end of the meeting, the delegations discussed cooperation plans and future activities of the World Bank Group’s office in the UAE.

They noted the UAE’s economic diversification efforts to enhance competitiveness as well as ease of doing business to increase the agility of the economy and create an attractive environment for local, regional and global investors.