UAE Ministry of Finance Concludes Engagement in 2024 G20 Finance Track Meetings

UAE, 18 April, 2024 :  The UAE Ministry of Finance has wrapped up its engagement in the second round of Finance Track working group meetings for the 2024 G20 held in Brasília, Brazil from March to April.

During the meetings, the UAE actively contributed to various working groups, including the Global Partnership for Financial Inclusion (GPFI), Sustainable Finance Working Group (SFWG), and Taskforce on Global Mobilization against Climate Change (TF-CLIMA).

The UAE highlighted its commitment to promoting global equality through initiatives like cross-border infrastructure and financial inclusion. Discussions also covered the UAE’s efforts in financial well-being through regulatory reforms and the 2023 Financial Infrastructure Transformation Programme.

Emphasizing sustainable growth and inclusive trade, the UAE announced a USD10 million grant for World Trade Organization initiatives benefiting developing nations. Additionally, the UAE showcased its USD200 million pledge to the Resilience Sustainability Trust, supporting climate resilience in vulnerable countries.

The UAE delegation stressed the importance of international cooperation in addressing climate change impacts, advocating for affordable and long-term finance for developing countries. They also spotlighted innovative financial instruments like green sukuks to drive sustainable development.

Aligning with Brazil’s focus on revitalizing multilateralism, the UAE supported reforms for multilateral development banks. This included promoting enhanced collaboration with the private sector and diversifying risk management approaches.

The UAE’s active role at the G20 meetings reaffirms its commitment to global financial stability and sustainable development.

Source : www.wam.ae