In a bid to promote the UAE’s status and strengthen its regional and international financial and economic relations, the Ministry of Finance (MoF) announced the signing of an agreement to establish an International Bank for Reconstruction and Development (World Bank) office in Abu Dhabi, today. The announcement was made during a press conference at the Ministry’s premises in Abu Dhabi. The agreement was signed by HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs and Dr. Hafez Ghanem, World Bank Vice President for the Middle East and North Africa region.
The signing ceremony was attended by HE Younis Haji Al Khoori, Undersecretary of MoF; Dr. Merza Hasan, World Bank Group Executive Director and Dean of the Board of Executive Director and Dr. Nadir Mohammed, World Bank GCC Country Director; HE Abdulla Lootah, Secretary General, Emirates Competitiveness Council (ECC); Abdullah Al Hai, Director of Legal Affairs at the Ministry of Foreign Affairs.
During the press conference, speakers included HE Younis Haji Al Khoori, Undersecretary of MoF; Dr. Hafez Ghanem, World Bank Vice President for the Middle East and North Africa region; Dr. Merza Hasan, World Bank Group Executive Director and Dean of the Board of Executive Director and Dr. Nadir Mohammed, World Bank GCC Country Director. 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.
Commenting on the signing of the agreement, HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, expressed the Ministry’s commitment to promote the UAE’s status and support its local economic growth through signing agreements with various international and regional financial institutions and entities. HE then said: “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.”
HE Al Tayer added: “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.”
