The International Bank for Reconstruction and Development (IBRD), part of the World Bank, will open a new office in Abu Dhabi.
Founded in 1944 to help Europe rebuild after the Second World War, IBRD provides technical and economic assistance to low and middle-income countries.
The World Bank currently provides technical support to the Ministry of Finance on public spending, education policy, and infrastructure. It also advises the Abu Dhabi Judicial Department on the performance of its courts, and the Abu Dhabi Department of Economic Development on education.
“The International Bank for Reconstruction and Development [World Bank] office in Abu Dhabi will aid in promoting the technical support 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” said Obaid Humaid Al Tayer, Minister of State for Financial Affairs.
“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.”
Hafez Ghanem, World Bank vice president for the Middle East, 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.”
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