The UAE has declared a substantial pledge of $200M (AED 735M) to support the Poverty Reduction and Growth Trust (PRGT), with the aim of extending concessional financing to low-income nations.
This contribution aligns with the UAE’s strong commitment to achieving the United Nations’ Sustainable Development Goal 1 (SDG 1) of eradicating global poverty.
UAE’s Commitment to Worldwide Humanitarian Endeavors
During the International Monetary and Financial Committee (IMFC) Meeting, which coincided with the World Bank Group (WBG) and International Monetary Fund (IMF) Annual Meetings in Marrakesh, Morocco, from October 9 to 15, the announcement was made by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs.
“Under the leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and the guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the UAE is committed to realizing the UN SDGs by all means possible. This includes contributing to trust funds, which falls within the UAE’s strategy and vision for cooperation and coordination with regional and international development organizations and institutions,” Al Hussaini said.
He highlighted that this assistance would strengthen development initiatives and the positive outcomes they generate, while also confirming the UAE’s strong commitment to global humanitarian endeavors.
UAE’s Commitment to Africa and Global Development: A Pivotal Platform for Progress
The fact that the WBG-IMF Annual Meetings were held in Africa for the first time in nearly five decades has created a significant platform for addressing challenges related to development, with participation from more than 189 countries.
This underscores the UAE’s dedication to Africa, foreign aid, poverty reduction, and the advancement of peace and prosperity, according to Arabian Business.
Since its establishment in 1971, the UAE has been a prominent contributor to foreign aid, bolstering economic growth and social services in developing nations.
“The history of UAE’s foreign aid began with its foundation. It is now a vital financial, commercial, and logistical hub for the Middle East, Africa, and South Asia, thus linking its economy to those nations’ economies,” Al Hussaini said.
PRGT, established in January 2010, tackles the difficulties that low-income nations encounter by supplying concessional financing, currently without any interest, to those dealing with issues like elevated inflation, food insecurity, growing debt vulnerabilities, and substantial borrowing expenses.
The UAE’s dedication to PRGT will make a substantial difference for the 69 qualifying countries, aiding their initiatives to reduce poverty and promote sustainable development.
