Dubai, United Arab Emirates – Hawkamah, the Institute for Governance, has commended the recent announcement by the World Bank to increase transparency by releasing more proprietary data, including information on debt defaults. This initiative aims to attract more private sector investment to developing countries, marking a significant step towards fostering economic growth and stability in emerging markets.

Access to reliable financial data is essential for investors seeking opportunities in developing nations. By providing greater transparency through the publication of proprietary data, the World Bank empowers investors with the information needed to make informed decisions. This transparency not only attracts investment but also strengthens accountability and sustainability within financial markets.

Commenting on the announcement, Dr Ahmad Al Sheikh, Hawkamah Chairman, stated, "Hawkamah recognises the importance of data transparency in facilitating private sector investment, particularly in Emerging Markets. We applaud the World Bank's commitment to enhancing data disclosure, as it aligns with our mission to promote good corporate governance practices worldwide."

The announcement comes on the back of the World Bank Group mobilising $41 billion of private capital for emerging markets and raising an additional $42 billion from the private sector for bond issuance in 2023, reflecting its vision to promote sustainable economic growth.

As a leading corporate governance institute, Hawkamah promotes transparency, accountability, and integrity in business practices.  By advocating for greater transparency and accountability, Hawkamah strives to create an environment conducive to private sector investment, driving positive socioeconomic outcomes in developing countries.

About Hawkamah

Hawkamah is a world-class corporate governance institute working to improve corporate governance practices of governments and companies across the Middle East and North Africa region (MENA). Founded in 2006 by OECD, the IFC, the World Bank, Union of Arab Banks and the Dubai International Financial Centre (DIFC) Authority, Hawkamah is a non-profit organisation that aims to promote corporate governance best practices, transparency, and accountability in the region.  Hawkamah provides advocacy, training, research, and consulting services to companies, governments, and institutions across the MENA region. 

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