World Bank GCC Country Director Dr. Nadir Mohammad and Qatar Central Bank Deputy Governor Sheikh Fahd Al-Thani sign the technical cooperation agreement during the April 2015 Spring Meetings.
WASHINGTON, April 17, 2015 – In April 2015, Minister of Finance H.E. Ali Sharif Al Emadi headed a delegation from Qatar to the World Bank/IMF Spring Meetings in Washington, D.C. to enhance cooperation between the State of Qatar and the World Bank. During the visit, Qatar Central Bank (QCB) Deputy Governor Sheikh Fahd Al-Thani and World Bank GCC Country Director Dr. Nadir Mohammad signed a partnership agreement to strengthen financial oversight in Qatar. The program will better enable the QCB to identify and mitigate the buildup of risks in the financial system. This, in turn, will help ensure that the financial system is more resilient to global economic and financial shocks.
Deputy Central Bank Governor Sheikh Fahd Al-Thani commented on the launch of the program, noting that “In Qatar, we continue to upgrade our systems and capacity to manage risks and maintain financial stability in our banking system.”
One of the key goals identified in the 2011-2016 Qatar National Development Strategy is to expand macro-prudential oversight in Qatar. Under this technical cooperation program, the World Bank will assist the QCB in improving its monitoring and assessment of risks to financial system stability following latest trends in this domain and based on international best practice.
“The World Bank strongly values its strategic partnership with the State of Qatar, which continues to fulfil its key role in economic development in the GCC, the Arab world, and globally. As such, the World Bank is pleased to partner with Qatar Central Bank to further enhance the stability of its financial system,” said Dr. Nadir Mohammed, World Bank Country Director for the GCC countries.
Technical cooperation between the World Bank and countries of the Gulf Cooperation Council (GCC) began over forty years ago. This cooperation is beneficial to both the GCC countries and the World Bank. GCC countries strive to learn from the Bank’s global knowledge and operational experience in economic development, rely on its objective advice, and benefit from its ability to facilitate dialogue among stakeholders. The World Bank also benefits from its experience in supporting development efforts in the GCC to further enrich its global experience, gain more exposure to the development challenges of high and middle income countries, and deliver global public goods.