The UAE has signed two significant agreements with the International Monetary Fund (IMF) to finance the Poverty Reduction and Growth Trust (PRGT) and the Resilience and Sustainability Trust (RST).
The agreements were finalized during the annual meetings of the World Bank Group (WBG) and the IMF in Washington, D.C., where the UAE delegation, led by Minister of State for Financial Affairs Mohamed Hadi Al Hussaini, participated.
Al Hussaini emphasized that the UAE’s commitment to these initiatives underscores the nation's dedication to global economic stability and sustainable development.
"Our support for these funds stems from a deep belief in the power of international collaboration to build a more sustainable and prosperous future,"
he said, highlighting the UAE's focus on empowering low- and middle-income countries through green infrastructure investments.
The UAE pledged US$200 million (AED735 million) each to both the PRGT and RST. The PRGT provides interest-free financing to low-income countries facing high inflation and food insecurity, while the RST aims to bolster climate resilience in vulnerable nations. These commitments also align with the UAE’s efforts as it prepares to host the COP28 conference later this year, further cementing its role in addressing global challenges such as climate change and poverty eradication.
These efforts mark the UAE’s continued leadership in fostering international financial stability, as the nation works closely with the IMF to support sustainable development goals worldwide.
News Source: Emirates News Agency
