BENGALURU, February 24, 2023 – Today, World Bank Group President David Malpass met with Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, United Arab Emirates.
President Malpass updated Minister Al Hussaini on progress on the World Bank Group’s evolution roadmap and welcomed the Minister as the new Chair of the Development Committee.
President Malpass commended the United Arab Emirates for its regional leadership on energy transition and efforts to significantly scale-up renewable energy development, including clean nuclear. President Malpass and Minister Al Hussaini also discussed natural gas as an important transition fuel away from coal around the world.
President Malpass presented SCALE as a new fund that could provide grant inflows to help achieve verified greenhouse gas emission reductions and build a track record of projects that can lead to unlocking private sector funding through international carbon markets.
President Malpass and Minister Al Hussaini discussed the food and fertilizer crises facing developing nations, and the need to develop long-term food systems resilience as a priority.
President Malpass also highlighted the importance of non-fragmented concessional resources and grants to the poorest countries, and presented IDA as an effective concessional arm.
President Malpass and Minister Al Hussaini discussed the United Arab Emirates’ preparations for the COP28 summit, and President Malpass shared the World Bank Group’s readiness to support the summit as a knowledge partner.