UAE allocates $200m to support growth for low-income countries

The UAE has announced it will allocate $200 million in funding to support growth for low-income countries.

The funding will go towards the Poverty Reduction and Growth Trust, which addresses the challenges facing low-income countries that face high inflation, food insecurity, increasing risk of debt and high borrowing costs.

The aim is to reduce poverty levels across the globe, as part of the UAE's commitment to support the UN's Sustainable Development Goal of enduring a better and more sustainable future.

The announcement was made during the World Bank and International Monetary Fund's (IMF) 2023 Annual Meetings in Marrakesh, Morocco, on Saturday.

"Under the leadership of His Highness Sheikh Mohamed bin Zayed, President of the UAE, and under the guidance of His Highness Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai, the UAE is committed to realising the UN SDGs by all means possible," said Mohamed Al Hussaini, Minister of State for Financial Affairs, in a statement.

"This includes contributing to trust funds, which falls within the UAE's strategy and vision for co-operation and co-ordination with regional and international development organisations and institutions.

"This bolsters development projects and enhances the benefits gained from provided projects, services and funding mechanisms, while reaffirming the UAE's commitment to backing international humanitarian initiatives."

Mr Al Hussaini added that holding the WBG-IMF Annual Meetings in Africa, for the first time in nearly five decades, was a historic opportunity to address issues related to development, with more than 189 countries in attendance.

"The history of UAE's foreign aid began with its foundation," he said. "It is now a vital financial, commercial and logistical hub for the Middle East, Africa and South Asia, thus linking its economy to those nations' economies."