Finance Minister supports World Bank’s Human Capital Project

Bali, Oct. 13 (BNA): The Minister of Finance Shaikh Ahmed bin Mohammed Al Khalifa referred to investment in human capital as a prerequisite to any effective and inclusive socio-economic model. Producing generations equipped with the necessary skills to achieve optimal productivity requires smart investments, and a particular focus on the provision of quality healthcare, lifelong learning and education, he added. In his statement to the Development Committee, the Minister supported the World Bank Group’s initiative, the “Human Capital Project”, highlighting the need to identify the appropriate mix of investment in human capital and infrastructure,in order to enable growth and development. The statement was delivered on behalf of the Arab Group and the Republic of Maldives to the 98th meeting of the committee, held in Bali, Indonesia, on the sidelines of the annual meetings of the World Bank Group and the International Monetary Fund. The Human Capital Index, which quantifies the contribution of health and education to the productivity of the next generation of workers, was commended by the Minister. He praised the plans aiming at developing its components so that it becomes a credible measure reflective of the reality on the ground. With 60% of the region’s population using mobile phones, he noted that financial technology presents an opportunity to provide consumers with access to financial services. Within this context, fintech could address the challenges of enhancing financial inclusion, inclusive growth, and economic transformation by helping to extend financial services to large unbanked populations and create alternative sources of funding for small and medium-sized enterprises (SMEs). ‘We welcome the WBG’s focus on Disruptive Technologies’ said the Minister, referring to the rapid technological changesthat are obviously disrupting traditional development pathways. In its communiqué, the Development Committee said that the global economic growth remains strong, but uneven, stressing the crucial role of international trade for economic growth, job creation and sustainable development.