Finance Minister urges innovative solutions to spur growth and tackle challenges

Washington, Oct. 15 (BNA): Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa stressed the importance of strengthening international cooperation, unifying all efforts and developing innovative and supportive solutions to achieve the desired economic growth and sustainable development goals for all countries. He underscored the role played by the World Bank Group in facing the exceptional challenges and circumstances facing the countries of the world. The minister was addressing the Development Committee on behalf of the countries of the Arab Group and the Maldives, represented by the Kingdom of Bahrain. The minister took part in the meeting of the WB Development Committee, within the annual meetings of the Board of Governors of the World Bank and the International Monetary Fund held in Washington. He underlined the role of the World Bank Group in finding solutions to the challenges facing the food and energy sectors, smoothing international trade movement, enhancing resilience and accelerating the global economic recovery. He urged further support to enhance the efficiency of energy infrastructure and investment in innovative technologies to reduce their carbon emissions. The minister stressed the importance of including all energy resources, including hydrocarbons, in addition to developing a clear and well-studied strategy to promote and integrate alternative energy sources, stimulate private sector investments and pump appropriate financing for it. He welcomed Egypt's hosting of the UN Climate Change Conference COP27 in Sharm El-Sheikh this year and the UAE’s hosting of the UN Climate Change Conference COP28 in 2023. He also welcomed the launch by the Kingdom of Saudi Arabia of the Green Middle East Initiative, all of which confirm the important role of Arab countries in supporting the fight against climate change. He stressed the importance of increasing investment in human capital as a key driver to continue moving forward towards achieving the desired economic growth and increasing the production process. He underlined especially the need to support youth and women, promotie women's progress at various levels, and improve education outcomes with priority given to creating more job opportunities and achieving flexibility. and overall growth. To conclude, the minister welcomed the UAE’s chairing of the WB Development Committee at its next session, wishing the United Arab Emirates all success during its presidency of the Committee.