UAE relations with World Bank discussed in Washington

ABU DHABI // Strengthening relations between the UAE and the World Bank Group to increase technical support for local projects, and the Emirates’ strong role in backing development in the region, were discussed at a recent meeting in Washington.

Obaid Al Tayer, the Minister of State for Financial Affairs, met Jim Yong Kim, the president of World Bank, in Washington as part of the ministry’s efforts to exchange expertise with international institutions, and implement best global financial policy practices.

The World Bank has so far provided support for 16 projects in the UAE, and the meeting addressed ways in which the country could further benefit from its support. Discussions were also held on the group opening an office in the capital, with the launch date to be decided.

A new strategy to support countries in the region was outlined by Mr Kim.

Both sides discussed an official invitation for Mr Kim from Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, to attend the Government Summit 2016 in February.

A transfer of knowledge from international institutions to local entities was important and would strengthen because of the UAE Government’s commitment to building ties, Mr Kim said.

The Government’s efforts to implement high international standards was reflected in the country’s leading position in the Ease of Doing Business report and other global indicators, he said.

Mr Kim also acknowledged the UAE’s position as a top contributor of development aid for the second year in a row.