UAE Ministry Of Finance Launches Dedicated Page For World Bank Advisory Services To Enhance Local Access

The UAE Ministry of Finance has introduced a new webpage dedicated to the World Bank's advisory services. This online platform enables local entities to apply for these services and track their application status effectively. Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, emphasised the enduring partnership between the UAE and the World Bank Group, which has lasted for several decades.

Al Khoori highlighted that this collaboration serves as a model of successful cooperation in technical fields and knowledge exchange. Both parties are committed to enhancing financial and economic institutions and policies for sustainable development. These insights were shared during a workshop organised by the World Bank Group in collaboration with the Ministry of Finance at Abu Dhabi Global Market Academy.

The workshop delved into the World Bank Group’s mission, key products, services, initiatives, and strategic priorities in global development. It also examined the Group’s current activities in the UAE and the broader GCC region, paving the way for stronger partnerships and new areas of cooperation. The event was attended by Safaa El Tayeb El Kogali, Iva Hamel, Abdullah Jafri, and representatives from various UAE ministries.

Al Khoori discussed significant milestones in the UAE-World Bank partnership, such as opening a World Bank office in Abu Dhabi in 2019 and establishing an International Finance Corporation office in Dubai. He noted that this collaboration has led to achievements like issuing local bonds, modernising insolvency laws, and initiatives supporting women's economic empowerment and climate change mitigation.

The workshop featured discussions between World Bank Group delegates and UAE government representatives. They aimed to identify key cooperation areas and explore mutually beneficial partnerships. The event focused on leveraging expertise and resources to drive sustainable development aligned with UAE’s national priorities.

Topics covered included financing, competitiveness, innovation, governance, macroeconomics, trade, investment, economic diversification, water management, agriculture, environmental protection, social sustainability, climate change mitigation strategies, disaster risk management approaches, education advancements, health improvements, nutrition enhancement strategies, infrastructure development plans, digital growth initiatives, energy solutions exploration public-private partnerships opportunities cybersecurity measures.

The Ministry of Finance signed a second renewal of the Advisory Services Payable Agreement with the International Bank for Reconstruction and Development. Initially signed in 2014 and first renewed in 2019 this agreement provides a framework for technical support service agreements between federal local authorities within UAE allowing them benefit from World Bank's expertise.

The International Finance Corporation's range of products services was also discussed alongside engagement strategies guarantees offered by World Bank Group International Investment Guarantee Agency (IIGA). This comprehensive dialogue aimed at fostering deeper understanding collaboration among stakeholders involved ensuring alignment with broader developmental goals objectives set forth by both parties involved.

With inputs from WAM