Finance Minister Discusses Strengthening Cooperation with World Bank and Investment Guarantee Agency in Bangkok
Finance Minister strengthens cooperation with the World Bank and Investment Guarantee Agency
Translated by Qiyas from السياسة — Original source
- Emphasized the importance of increasing the employment of Kuwaitis at the Bank and expanding guarantees to support Kuwaiti investments abroad
Finance Minister Dr. Yaqoub Al-Rafai met today, Wednesday, with several senior officials from financial and international institutions, 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 stated in a press release that Minister Al-Rafai met with Ousmane Dione, Vice President of the World Bank for the Middle East and North Africa, Afghanistan, and Pakistan, to discuss ways to enhance cooperation between Kuwait and the World Bank Group in areas such as developing the skills of national cadres, capacity building, and providing technical and advisory support.
The ministry noted that the minister emphasized during the meeting the importance of increasing the hiring of Kuwaitis at the World Bank, both at its headquarters and in its affiliated offices.
It added that the meeting also referenced the encounter between a representative of His Highness the Amir of Kuwait, Crown Prince Sheikh Sabah Al-Khaled, and World Bank Group President Ajay Banga, held on the sidelines of the 81st session of the UN General Assembly in New York, and the importance of building on the discussions held during that meeting and following up on the areas of cooperation addressed.
The ministry pointed out that Al-Rafai also met with Tsutomu Yamamoto, Managing Director of the Multilateral Investment Guarantee Agency (MIGA), to discuss ways to strengthen cooperation between Kuwait and the Agency, expand the scope of guarantee and insurance services against geopolitical risks, and highlight the Agency’s role in encouraging Kuwaiti banks and companies to expand their investments in emerging markets and developing countries.
It clarified that the meeting also discussed opportunities to expand partnerships with Kuwaiti financial institutions, particularly in the areas of securing trade finance and enhancing financial capacity.
The ministry noted that the minister emphasized the importance of expanding the Agency’s role in providing appropriate guarantees and financial solutions for Kuwaiti investors, thereby boosting their confidence and supporting the diversification of their investments in international markets.
Attending the meetings were Abdulaziz Al-Mulla, Managing Director at the World Bank Group, and several officials from the Ministry of Finance.
