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Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, stressed that the established strategic partnership between the UAE and the World Bank Group extends for many decades, represents a unique model of fruitful cooperation in the technical field and knowledge exchange, and confirms our joint commitment to strengthening our financial and economic institutions and policies for sustainable development.
The Undersecretary of the Ministry of Finance revealed – during a workshop organized by the World Bank Group in partnership with the Ministry of Finance, at the Abu Dhabi Global Market Academy – the launch of a special page for World Bank advisory services on the Ministry of Finance’s website, which will enable local entities to submit requests for advisory services and follow up on the status of… Their requests are processed with ease and efficiency.
Safaa Al-Tayeb Al-Kokali, Director of the World Bank in the Gulf Cooperation Council countries, confirmed to Al-Bayan that the bank aims to strengthen the partnership deeper with the Emirates, as the country enjoys a membership in the Board of Directors of the World Bank Group and can benefit from accumulated global knowledge and experience, noting that The workshop aims to introduce our partners in the Emirates at the federal and local levels to our services to serve the development goals of the Emirates.
She said: The World Bank office was opened in Abu Dhabi, hosted by the Ministry of Finance and Abu Dhabi Global Market in 2019, and we are working on a wide range of activities consistent with the UAE’s priorities, such as competitiveness, health, gender equality, and climate action.
She continued: We participated in the twenty-eighth Conference of the Parties (COP28), and supported some key outcomes in areas such as climate finance, water, food systems, and energy transition. We are partners of the UAE and cooperate with the Gender Balance Council to promote women’s economic empowerment, noting the signing of an agreement with the Ministry of Health and Community Protection to conduct a study on the costs of diseases in the Emirates, with the aim of improving health care provision and better allocating resources.
She added that the aim of the workshop is to provide World Bank Group services and products to various ministries and government agencies in the Emirates, as the workshop brings together high-level experts from the World Bank Group and representatives of ministries, departments and agencies in the Emirates at the federal and local levels.
Diversity of cooperation
Younis Haji Al Khouri said: Our cooperation with the World Bank has witnessed significant developments over the years, and in 2019, the partnership was culminated in the opening of a World Bank office in Abu Dhabi, and hosting the regional office of the International Finance Corporation – the private sector arm of the World Bank Group – in Dubai, which strengthened From the depth and diversity of cooperation between us.
He added: Through this partnership, we were able to issue the first local bonds. The Bank also provided us with technical support to review and update the insolvency law, with a focus on supporting small and medium-sized business enterprises. In addition, the Bank contributes to supporting our efforts to enhance the economic empowerment of women, encourage entrepreneurship, and deal with the challenges of climate change.
Consulting services
Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations Affairs at the Ministry of Finance, confirmed in a statement to Al-Bayan that launching a special page for World Bank advisory services on the Ministry’s website enables local entities to apply for advisory services and easily follow up on the status of their applications. And efficiently, instead of using previous traditional methods.
