Tayer meets President of World Bank Group in Washington

ABU DHABI, 27th July, 2015 (WAM) -- Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, has met with Dr. Jim Yong Kim, President of the World Bank Group (WBG), at the World Bank Group?s headquarters in Washington.

The meeting was held as part of the Ministry of Finance?s (MoF) efforts to exchange knowledge and expertise with international institutions and implement best international financial policy practices.

Both parties discussed bilateral relations between the UAE and the World Bank Group in addition to the Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum's official invitation for Dr. Jim Yong Kim to attend the Government Summit 2016, which will be held between February 8-10, 2016.

Al Tayer provided Dr. Kim with an overview of the Government Summit along with a brief about the country?s strategy and the UAE government?s vision for the future.

Dr. Jim Yong Kim expressed his appreciation for Sheikh Mohammed?s invitation, highlighting how it reflects the UAE government?s commitment to strengthening relations with the World Bank Group and transferring knowledge from international institutions to local entities.

Dr. Kim also praised the UAE government?s efforts to implement best international standards reflected by the country?s leading position across a range of global indicators in several reports. This includes the latest Ease of Doing Business report, which highlighted the UAE?s attractive investment environment and the range of facilities that local institutions are offering to foreign investors.

The President of the World Bank Group also highlighted the UAE?s position as the top contributor of development aid for the second year in a row, as per the Organisation for Economic Cooperation and Development (OECD) based in Paris. The UAE has contributed development aid worth 18 billion AED.

The meeting also addressed ways to strengthen relations between the UAE and the World Bank Group, allowing the country to benefit further from the Group?s experience and technical support across local and federal projects. To date, the WBG has provided support for 16 strategic projects in the UAE, which is in line with the technical support agreement previously signed by MoF and WBG.

During the meeting, discussions were held on opening a WBG office in Abu Dhabi and the next steps required. A WBG mission is set to visit the Ministry to agree on a specific launch date and commence the necessary procedures.

Dr. Kim also presented the Group?s new strategy, which is designed to support the development of countries in the region, and stressed the UAE?s significant role in supporting the development of Arab countries. The WBG will prepare the strategy and discuss it with countries around the region to ensure financial resource mobilisation.

The World Bank Group praised the UAE?s efforts to reduce combustible gas and carbon emissions. The UAE has improved its position across a number of indicators related to reducing carbon emissions and has topped regional countries in this regard. The UAE has also played a key role in driving the use of renewable and solar energy within the country, through the efforts of the Abu Dhabi Future Energy Company (MASDAR).

During his visit to Washington, Al Tayer also met with Dr. Hafez Ghanem, Vice President, Middle East and North Africa at the World Bank Group to explore ways of strengthening relations between the UAE and the Group, as well as to review the WBG?s strategy to support economic development in Arab countries.