In a bid to promote the UAE's status and strengthen its regional and international financial and economic relations, the Ministry of Finance, MoF, announced yesterday the signing of an agreement to establish an International Bank for Reconstruction and Development, World Bank, office in Abu Dhabi.

The announcement was made at a press conference after the signing of the agreement between Obaid Humaid Al Tayer, Minister of State for Financial Affairs and Dr. Hafez Ghanem, World Bank Vice President for the Middle East and North Africa region.

The signing ceremony was attended by Younis Haji Al Khoori, Under-Secretary at the MoF, Dr. Merza Hasan, World Bank Group Executive Director and Dean of the Board of Executive Director, Dr. Nadir Mohammed, World Bank GCC Country Director, Abdulla Lootah, Secretary-General, Emirates Competitiveness Council, ECC, and Abdullah Al Hai, Director of Legal Affairs at the Ministry of Foreign Affairs.

The press conference was addressed by Younis Haji Al Khoori, Dr. Hafez Ghanem, Dr. Merza Hasan, and Dr. Nadir Mohammed.

The announcement is based on the UAE Cabinet's Decision No. 84/4 and /1 for 2015 on agreeing to establish an International Bank for Reconstruction and Development office for the next 10 years in the UAE. During this period, the office will be located at the Department of Economic Development – Abu Dhabi.

Commenting on the agreement, Obaid Humaid Al Tayer, Minister of State for Financial Affairs, expressed the Ministry's commitment to promote the UAE's status and support its local economic growth through signing agreements with various international and regional financial institutions and entities. He said, "The International Bank for Reconstruction and Development, World Bank, office in Abu Dhabi will aid in promoting the technical support provided to projects managed by local government institutions, in addition to promoting the transfer of international best practices, knowledge and innovation and provide training for UAE nationals."

Al Tayer added, "This step will contribute to the UAE's economic growth and its development on a global scale. This will also help in highlighting the UAE's pivotal role in international forums."

Dr. Hafez Ghanem said, "Over the past few years, the World Bank provided a number of studies related to health, education and infrastructure to support the process of improving the business environment and increasing competitiveness levels in the UAE. We hope to offer the best international expertise in the coming years in order to contribute to the UAE's continual economic growth. We also wish to introduce other countries to the UAE's significant economic and social development experiences."

Younis Haji Al Khoori, Under-Secretary at the MoF, explained that the World Bank provides technical support to the Ministry in implementing a number of projects. These include public spending on education and infrastructure.
Source: WAM