UAE has signed an agreement to establish an International Bank for Reconstruction and Development (World Bank) office in Abu Dhabi in a bid to strengthen its regional and international financial and economic relations.

The announcement was made during a press conference at the Ministry’s premises in Abu Dhabi. The agreement was signed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs and Dr Hafez Ghanem, World Bank vice president for the Mena region.

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 (World Bank) 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.

“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,” said Al Tayer.

“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,” he added.

Dr 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, Undersecretary of Ministry of Finance (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.

He explained that the World Bank Group also provides technical support to local governments, as it currently does for the Abu Dhabi Judicial Department through a programme that strengthens the institutional capacity and performance of the courts, as well as for the Abu Dhabi Department of Economic Development in areas of competitive units and focusing on the Abu Dhabi Economic Vision 2030.

In Dubai, the Bank has provided technical support in relation to the project for improving education outcomes. The Bank has also provided technical support from their specialists to the Ras Al Khaimah government on the Sheikh Saqr Program for Government Excellence as well as other projects to enhance the UAE’s investment climate.

In 2003, the UAE hosted annual meetings for the World Bank Group and the IMF for the first time in the Mena region. In addition, Dubai hosted the regional office of the International Finance Corporation, one of the institutions of WBG that opened in 2005.

The IFC’s mission is to reduce poverty and promote prosperity in developing countries by providing funding, advice and asset management services.

IBRD is the original World Bank institution. It works closely with the rest of the World Bank Group to help developing countries reduce poverty, promote economic growth, and build prosperity. – TradeArabia News Service