Ministry of Finance Announces Launch of World Bank Advisory Services Page on its Website
30 September 2024
HE Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, stressed that the UAE shares a long-standing and strategic partnership with the World Bank Group, spanning several decades.
“This relationship has become a unique model of successful cooperation in technical fields and knowledge exchange, showcasing both sides’ commitment to strengthening financial and economic institutions and policies for sustainable development,” His Excellency said as he announced the launch of a dedicated page for the World Bank's advisory services on the Ministry of Finance’s website.
The webpage enables local entities to apply for the Bank's advisory services and monitor the status of their requests efficiently.
Al Khoori made these remarks during a workshop organised by the World Bank Group in partnership with the Ministry of Finance at the Abu Dhabi Global Market Academy, the knowledge arm of ADGM.
The workshop shed light on the World Bank Group’s renewed mission and vision, its key products and services, initiatives, and strategic priorities in global development.
Additionally, the event highlighted the Group’s current portfolio of activities in the UAE and GCC countries, opening the door for strengthened partnerships and further areas of cooperation.
Present at the workshop were Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, Safaa El Tayeb El Kogali, World Bank's Country Director for the (GCC) countries, as well as number of representatives of ministries, authorities and local authorities, Iva Hamel, World Bank's Resident Representative for the UAE, and Abdullah Jafri, Regional Director for GCC Affairs at the International Finance Corporation (IFC).
Supporting the Development Process
“Our collaboration with the World Bank has evolved significantly over the years and has been a key driver in our development journey. In 2019, this partnership reached a new milestone with the opening of a World Bank office in Abu Dhabi, and the establishment of the International Finance Corporation's regional office – the private sector arm of the World Bank Group – in Dubai. These developments have further deepened and diversified our cooperation,” said Al Khoori in his opening remarks at the workshop.
“Through this partnership, we successfully issued our first local bonds. The World Bank has also provided valuable technical support in reviewing and modernising the insolvency law, with particular focus on small and medium-sized enterprises. Moreover, the bank has contributed to our initiatives to promote women's economic empowerment, foster entrepreneurship, and tackle climate change challenges.”
“We are committed to strengthening this strategic partnership in the future to realise our ambitious development goals, and we are confident that this continued cooperation will lead to even greater achievements and successes for the UAE,” he concluded.
Mutually Beneficial Partnerships
The workshop featured comprehensive and in-depth discussions between the World Bank Group delegation and representatives from various UAE government entities, aimed at exploring mutually beneficial partnerships and identifying key areas of cooperation between the World Bank and various ministries and local entities.
The event also explored avenues for leveraging expertise and resources to drive sustainable development initiatives that align with the UAE’s national priorities, address the diverse needs of society, and ensure inclusive and sustainable progress in line with the vision and aspirations of the country’s wise leadership.
Sessions
The workshop covered a wide range of topics, including financing, competitiveness, innovation, governance, macroeconomics, and trade and investment. An overview of the World Bank's offerings and areas of technical support was also provided, along with examples of relevant products and projects.
Additionally, the workshop discussed ways for promoting economic diversification as well as water management, agriculture, environmental protection, natural resources, the blue economy, social sustainability, climate change, disaster risk management, education, health, nutrition, infrastructure, digital development, energy, extractive industries, public-private partnerships, and cybersecurity.
The workshop featured a detailed session on the International Finance Corporation (IFC), exploring its range of products and offerings and discussing engagement strategies. Another session addressed the guarantees offered by the World Bank Group and the International Investment Guarantee Agency (IIGA), focussing on the utilisation of these guarantees.
Additionally, it is important to note that the Ministry of Finance and the World Bank Group have signed a second renewal of the Advisory Services Payable Agreement between the UAE and the International Bank for Reconstruction and Development.
This agreement, originally signed in 2014 and first renewed in 2019, provides a framework for technical support service agreements that are signed between federal and local authorities in the UAE, allowing them to benefit from the World Bank's technical expertise.
