The International Finance Corporation (IFC), the private sector investment arm of the World Bank, is to sign an agreement which will lead to its regional operations for the Middle East & North Africa (MENA) being based in the UAE, Dr. Mohammed Khalfan bin Kharbash, UAE Minister of State for Finance and Industry, announced Tuesday.
The UAE and IFC will sign a Memorandum of Understanding (MoU) on October 2, on the sidelines of the annual meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund (IMF) which will take place in Washington DC.
Dr. Kharbash confirmed that the UAE Ministerial Cabinet has ratified the country’s full support for the World Bank’s decision to base the regional office of the IFC in the country. The Cabinet has issued instructions to the government to extend full assistance to the IFC’s regional office, whose presence here will reinforce the UAE’s position as the region’s financial hub.
Dr. Kharbash said the endorsement of the World Bank’s management for the decision to open the IFC regional office in Dubai further confirms the fine reputation the UAE enjoys as a safe and stable location for the financial sector.
“The unparalleled success the UAE achieved in hosting the annual meetings of the Board of Governors of the World Bank Group and the IMF last year (Dubai 2003) has left a positive impression of the UAE among the global leaders of the financial community,” said Dr. Kharbash.
MoFI has been the driving force behind the initiative to secure World Bank approval for the IFC to run its Middle East and North Africa operations from the UAE; and will coordinate IFC's portfolio in South Asia. “It is a genuine achievement to have succeeded in convincing the IFC to operate from within our shores,” Dr Kharbash added.
“We know for a fact that the opportunities to be had for the private sector in the UAE and across the region through the IFC’s regional office will enormously support our efforts in assisting our partners in the private sector in managing and developing a sound and diversified economy.”
“Moreover, the IFC will help develop the Capital Market in UAE and assist in privatisation projects as well as encourage the private sector to invest in infrastructure and utility projects. The IFC regional office will also assist in establishing a financial centre in the UAE, ” added Dr. Kharbash. (menareport.com)
© 2004 Mena Report (www.menareport.com)
