The UAE has announced a substantial commitment of $200 million (AED735 million) to support the Poverty Reduction and Growth Trust (PRGT).
The move is aimed at expanding concessional financing for low-income countries and aligns with the UAE’s steadfast dedication to achieving the United Nations’ Sustainable Development Goal 1 (SDG 1) of eradicating poverty globally.
UAE’s dedication to global humanitarian efforts
Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, made this announcement during the International Monetary and Financial Committee (IMFC) Meeting, held in conjunction with the World Bank Group (WBG)-International Monetary Fund (IMF) Annual Meetings in Marrakesh, Morocco, from October 9 to 15.
“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 emphasised that this support would enhance development projects and the benefits derived from these initiatives, while reaffirming the UAE’s dedication to global humanitarian efforts.
Notably, the WBG-IMF Annual Meetings, hosted in Africa for the first time in nearly five decades, have created a historic platform for addressing development-related challenges with participation from over 189 nations.
This underscores the UAE’s commitment to Africa, foreign aid, poverty reduction, and the promotion of peace and prosperity.
Since its establishment in 1971, the UAE has been a prominent provider of foreign aid, strengthening 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, founded in January 2010, addresses the challenges confronting low-income countries by providing concessional funding, currently at zero interest, to those facing high inflation, food insecurity, increasing debt risks, and high borrowing costs.
This UAE commitment to PRGT will have a significant impact on the 69 eligible nations, supporting their efforts to alleviate poverty and foster sustainable development.
Follow us on
