Activities of the International Finance Corporation in the United Arab Emirates, region discussed



Mohamed Bin Hadi Al Hussaini, Makhtar Diop and other officials at the meeting.

Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, met with Makhtar Diop, Managing Director of the International Finance Corporation (IFC) and his accompanying delegation on Wednesday. The meeting, held on the sidelines of Expo 2020 Dubai, aimed to discuss IFC’s activities in the UAE and the region.

From the World Bank Group, Dr Merza Hasan, Executive Director and Dean of the Board of Directors of the World Bank Group; Hela Cheikhrouhou, Regional Vice President, Middle East, Central Asia, Turkey, Afghanistan and Pakistan; as well as Sufyan Abed Alhameed Al Issa, IFC Regional Operations Manager in Mena, attended the meeting.

During the meeting, Mohamed Bin Hadi Al Hussaini welcomed Mr. Makhtar Diop and his accompanying delegation, and praised the role of this meeting in strengthening the work process and cooperation between two parts.

The meeting focused on IFC’s strategy in the Mena region, its programs in the UAE and in the GCC, as well as the company’s work with private companies in the country to support their investments in the foreigner. He also reviewed regional cross-border investments that enable UAE companies to expand into emerging markets in Africa and Asia.

IFC is the world’s largest private sector-focused development institution in emerging markets and developing economies. The United Arab Emirates joined the IFC on September 30, 1977.

Meanwhile, Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs of the United Arab Emirates, recently met with Dr Renganaden Padayachy, Minister of Finance (MoF), Economic Planning and Development of Mauritius, at the headquarters of the ministry. of Finance (MoF) in Dubai. The meeting aimed to discuss ways to strengthen bilateral cooperation to achieve mutual benefits for the two countries.

Abdullah Ahmed Al Obaidly, Director of International Financial Relations and Organizations at MoF and Yousuf Mohammed Bin Hajar, Deputy Director of the Department of International Financial Relations at MoF attended the meeting from the ministry side, while Shaukat Ali Soudhan, Non-Ambassador resident of Mauritius near the United Arab Emirates were present on the Mauritius side.

During the meeting, Al Hussaini reaffirmed the importance of strengthening economic and trade relations between UAE and Mauritius. He also reaffirmed the ministry’s commitment to help strengthen the UAE’s international relations network, to help achieve the country’s investment and development goals in various economic, trade and investment fields.

He said: “These meetings play a central role in intensifying bilateral cooperation and activating common frameworks between the two countries. The Ministry of Finance will spare no effort to establish strategic relations with countries and institutions around the world, to strengthen economic and financial relations and to reaffirm the country’s position at regional and international levels.

The meeting deliberated on the impact of the COVID-19 pandemic on the global economy and ways to strengthen joint cooperation in the tourism and aviation sectors. The two sides stressed the importance of strategic agreements aimed at attracting capital and facilitating the work of investors to benefit from the investment opportunities offered by the two countries.

The meeting took place on the sidelines of the visit of the Mauritian delegation to Expo 2020 Dubai.

Meanwhile, Mauritius Finance and Investment Week was recently held in Dubai with a session dedicated to exploring Mauritius as an investment hub in Africa; as government officials and financial experts gathered to explore the unique opportunity Mauritius offers to investors seeking to venture safely to the African continent.

The first day of the week-long business forum, held at the Waldorf Astoria Dubai International Financial Center, highlighted Mauritius’ political stability, strong regulatory framework, strong banking sector and various international trade agreements. with world powers such as India and China, to illustrate the credible opportunities Mauritius presents itself as an investment gateway to Africa.

The forum began with a keynote speech by Mahen Kumar Seeruttun, Minister of Financial Services and Good Governance of the Republic of Mauritius. Referring to a recently released independent report, Minister Seeruttun said: “The Mauritius International Financial Center is a leading hub for trade, investment and capital mobilization in the African region, and a key driver of quality direct investments on the continent. After India, Africa is Mauritius’ second largest investment destination, totaling $ 82 billion.

He added: “Africa is developing at a rapid pace and is one of the fastest growing regions in the world. Its population is expected to double by 2050 and its middle class is expected to reach over one billion customers. For many investors around the world, this is an unprecedented opportunity to tap into a booming consumer market where their investments can find long-term value.



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