UAE allocates $200 million to boost growth in low-income countries

The UAE has pledged $200 million (AED 735 million) towards empowering low-income countries to boost growth.

It's funding towards the Poverty Reduction and Growth Trust (PRGT) aligns with the UAE’s efforts to realise the UN's Sustainable Development Goal to reduce poverty alongside other challenges that the world must unite to address for a more sustainable future.

Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, made the pledge during the International Monetary and Financial Committee (IMFC) Meeting, organised on the sidelines of the World Bank Group (WBG)-International Monetary Fund (IMF) Annual Meetings.

"The UAE is committed to realising the UN SDGs by all means possible," he said, adding that the contribution "bolsters development projects and enhances the benefits gained from provided projects, services and funding mechanisms".

Al Hussaini added that holding the WBG-IMF Annual Meetings in Africa, for the first time in nearly 50 years, is a historic opportunity to address issues related to development with more than 189 nations in attendance.

This aligns with the UAE’s endeavor to reiterate its commitment to Africa, foreign aid, reducing poverty, and promoting peace and prosperity.

Since its foundation in 1971, the UAE has provided vast foreign aid to boost economic growth in developing nations and provide basic social services. It leads the list of donors in terms of official development assistance given compared to its GDP.

"The history of UAE’s foreign aid began with its foundation. 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," Al Hussaini added.