UAE Ministry of Finance Concludes Participation in G20 Finance Track Meetings in Brazil

UAE, 23 April, 2024 : The UAE Ministry of Finance has wrapped up its involvement in the second round of Finance Track working group meetings for the 2024 G20 held in Brasília, Brazil, between March and April.

During the meetings, the UAE engaged in discussions across various working groups, including the Global Partnership for Financial Inclusion and the Taskforce on a Global Mobilization against Climate Change.

The UAE highlighted its commitment to promoting equality and financial inclusion through initiatives like cross-border infrastructure development and regulatory reforms. The Financial Infrastructure Transformation Programme launched in 2023 was also spotlighted for its efforts to enhance financial well-being.

Emphasizing sustainable growth and inclusive trade, the UAE announced a USD10 million grant to support key World Trade Organization initiatives for developing and least-developed countries. The country's USD200 million pledge to the Resilience Sustainability Trust aimed at bolstering climate resilience in vulnerable countries was also showcased.

The UAE advocated for multilateral development bank reforms and stressed the need for these banks to deepen collaboration with the private sector. They also highlighted the significance of international cooperation in addressing climate change impacts and the role of innovative financing instruments like green sukuks in achieving sustainable development goals.

The UAE's contributions align with the Brazilian Presidency's focus on strengthening multilateralism and reforming global governance institutions, demonstrating the country's commitment to global financial stability and sustainability.

Source : www.mof.gov.ae