Finance Minister Attends Meeting of Arab Governors with World Bank Group President
Kuwaiti Finance Minister Discusses Development Priorities with World Bank and IMF
Translated by Qiyas from كونا — Original source
Kuwait City, October 16 (KUNA) -- Kuwait’s Minister of Finance, Dr. Yaqoub Al-Rafai, participated in the meeting of Arab governors with Ajay Banga, President of the World Bank Group, as part of Kuwait’s participation in the Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund, held in Bangkok, Thailand, from October 12 to 18.
The Ministry of Finance said in a press statement on Friday that the meeting discussed a number of priority economic and developmental issues for Arab countries, foremost among them supporting growth, creating job opportunities, enhancing the resilience of economies to recover and face challenges, and mobilizing private sector investments to contribute to financing development and reconstruction efforts.
It noted that the meeting addressed the importance of increasing investments in energy, water, food security, and digital infrastructure sectors, as well as strengthening regional connectivity to boost productivity, support growth, and create jobs, alongside supporting small and medium-sized enterprises and enhancing their role in economic activity.
The statement clarified that the meeting discussed ways to leverage digital transformation and artificial intelligence, and to develop human capital by building accessible and flexible digital infrastructure, enhancing countries’ readiness to adopt AI applications and digital technologies, and developing training, qualification, and skills programs aligned with the changing needs of the labor market, with a focus on empowering youth and women to benefit from emerging economic opportunities.
It added that Minister of Finance Dr. Yaqoub Al-Rafai emphasized in his remarks the importance of strengthening cooperation with the World Bank Group to support sustainable economic growth in the Middle East and North Africa region, noting that economic diversification, enhancing the role of the private sector, improving the business environment, and digital transformation are key priorities for Kuwait.
Dr. Al-Rafai also highlighted the importance of investing in infrastructure and human capital, supporting innovation, entrepreneurship, and job creation, especially for youth, while commending the World Bank Group’s efforts in supporting economic reforms, stimulating investment, and enhancing competitiveness. He reaffirmed Kuwait’s commitment to continuing partnership and cooperation to contribute to achieving development and prosperity for countries in the region.
The statement pointed out that Arab governors discussed the importance of enhancing the representation of Arab professionals in the World Bank Group, particularly in managerial and leadership positions, and expanding opportunities for professional development and access to decision-making roles for Arab talent, in line with principles of meritocracy, diversity, and geographic representation.
Kuwait’s participation in this meeting comes in the context of its commitment to strengthening cooperation with the World Bank Group and international financial and development institutions, and supporting efforts aimed at achieving sustainable development, enhancing the resilience of Arab economies, and creating a more attractive environment for investment, growth, and job opportunities. (End) A.K. / T.A.B.
