Wednesday 19, April 2017 by Jessica Combes

Council of Arab Ministers of Finance discusses UAE initiative to support Arab countries

 

The UAE Ministry of Finance (MoF) discussed its initiative to support Arab countries during its participation in the eighth Ordinary Session of the Council of Arab Ministers of Finance and meetings of Arab Financial Institutions in Rabat.

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Following the directives of the Council of Arab Ministers of Finance with regards to the UAE initiative during the seventh Ordinary Session which was held in Bahrain last April 2016, a technical committee was formed including heads from the five Arab Financial Institutions to review the initiative and present a joint working paper.

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The initiative works on supporting Arab countries facing current economic and financial challenges and contributes to the countries’ economic development.

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HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs stressed the importance of developing mechanisms and innovative programmes to support Arab countries. These programmes will make a significant difference in the quality of work submitted by Arab Financial Institutions when supporting Arab countries with their development plans, specifically in light of the economic and social challenges faced by the region.

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The initiative is built on eight main pillars including: meeting the overall development needs of Arab countries, supporting Arab countries in reconstruction programmes, creating job opportunities particularly for women and youth, enhancing the work environment, motivating creativity and innovation in Arab countries, developing programmes for Arab countries facing conflict, providing reconstruction support, coordinate between regional and other international development funds with regards to providing the necessary support and being involved in joint projects.

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“The initiative calls for increased cooperation among member countries and institutions, and among Arab institutions and international institutions, to identify priorities, requirements and innovative mechanisms. Each project is based on the country’s requirement and need, and we are aware that the institutions’ financial resources are limited and are considered a small part of countries’ needs,” said Al Tayer.

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Al Tayer also stressed the need to approve the recommendations submitted by Arab institutions, and rearrange priorities to focus on innovative programmes that can be executed and meet the needs of countries.

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The initiative also requires the formation of a joint Arab Financial Institutions committee which includes board of governors for each of the Arab Fund for Economic and Social Development, Arab Monetary Fund, Arab Bank for Economic Development in Africa, as well as the shareholders council of the Arab Investment and Export Credit Guarantee Corporation and the Arab Authority for Agricultural Investment and Development in addition to the Council of Arab Minister of Finance; to discuss the initiative’s objectives and suggest innovative mechanisms that support Arab countries in respective fields.

 

“Arab institutions should proactively develop initiatives that can benefit them, and seek to participate in relevant international initiatives. As part of this effort, institutions should look to build partnerships and coordinate with Arab Member countries and Arab financial institutions to find new financing mechanisms and help bring greater attention to fields that can enhance the investment environment, enabling the private sector a greater role in development through public/private partnership from international funding institutions that support development in the Arab region,” said Al Tayer.

 

Al Tayer addressed the need to support and empower women, and to enhance their role in the development process and in promoting innovation. “Institutions should explore investment opportunities in Arab countries, and support SME project and the private sector.”

 

  

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