International Finance Corporation’s activities in UAE, region discussed
- 15 Dec 2021
Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, on Wednesday met with Makhtar Diop, Managing Director of the International Finance Corporation (IFC) and his accompanying delegation. The meeting, which took place on the sidelines of Expo 2020 Dubai, sought 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 Executive Directors at 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’s Mena Regional Head of Operations 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 both parties.
The meeting deliberated IFC’s strategy in the Mena region, its programmes in the UAE and GCC, as well as the corporation’s work with private companies in the country to support their investments abroad. It also reviewed the regional cross-border investments that allow companies in the UAE to expand into emerging markets in Africa and Asia.
IFC is the largest global development institution focused on the private sector in emerging markets and developing economies. The UAE joined the IFC on Sept.30, 1977.
Meanwhile Mohamed Hadi Al Hussaini, UAE’s Minister of State for Financial Affairs, recently met Dr. Renganaden Padayachy, Minister of Finance (MoF), Economic Planning and Development of Mauritius, at the Ministry of Finance’s (MoF) headquarters in Dubai. The meeting sought to discuss means of bolstering bilateral cooperation to achieve mutual benefit for both countries.
Abdullah Ahmed Al Obaidly, Director of Relations and International Financial Organisations at MoF and Yousuf Mohammed Bin Hajar, Deputy Director of International Financial Relations Department at MoF attended the meeting from the ministry’s side, while Shaukat Ali Soudhan, non-resident Ambassador of Mauritius to the UAE attended from the Mauritius side.
During the meeting, Al Hussaini reiterated the importance of boosting economic and commercial relations between the UAE and Mauritius. He also reaffirmed the ministry’s commitment to contribute to enhancing the UAE’s international relations network, to contribute to achieving the country’s investment and development objectives across various economic, commercial and investment fields.
He said, “These meetings play a pivotal role in intensifying bilateral cooperation and activating common frameworks between both countries. The Ministry of Finance will spare no effort to build strategic relations with countries and institutions across the world, to enhance economic and financial relations and reiterate the country’s position regionally and internationally.”
The meeting deliberated the repercussions of the COVID-19 pandemic on global economy and means of strengthening joint cooperation in tourism and aviation sectors. Both parties stressed on the importance of strategic agreements aimed at attracting capital and facilitating investors’ work to benefit from the investment opportunities offered by both countries.
The meeting took place on the sidelines of the Mauritian delegation’s visit to Expo 2020 Dubai.
Meanwhile the Mauritius Finance and Investment Week held recently in Dubai with a session dedicated to the exploration of Mauritius as an Investment Hub into Africa; as government officials and financial experts gathered to explore the unique opportunity Mauritius offers investors, seeking to safely venture into the African continent.
The first day of the weeklong business forum, held at Waldorf Astoria Dubai International Financial Centre, highlighted Mauritius’ political stability, solid regulatory framework, strong banking sector and various international trade agreements with global powers such as India and China, to illustrate the credible opportunities Mauritius presents as an investment gateway into Africa.
The forum began with a keynote address from the Mahen Kumar Seeruttun, the Minister of Financial Services and Good Governance, Republic of Mauritius. Referencing a recently-released independent report, Minister Seeruttun said: “The Mauritius International Financial Centre is a leading hub for trade, investment and capital raising in the African region, and a key driver of quality grade direct investment onto the continent. After India, Africa is the second largest destination for investment from Mauritius, totalling $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 set to double by 2050 and its middle class is predicted to grow to more than 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.”
