UAE Highlights Innovation and Sustainability at G20 Finance Ministers Meeting

UAE, 27 December, 2024 : The UAE, represented by the Ministry of Finance (MoF) and the Central Bank, participated in the fourth G20 Finance Ministers and Central Bank Governors Meeting in Washington, DC, USA. The event, held on the sidelines of the Annual Meetings of the World Bank Group and the IMF, concluded today.

The UAE delegation was led by H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and included key officials from the MoF and Central Bank. Discussions centered on enhancing multilateral development banks' efficiency, global financial stability, and fostering sustainable development goals.

Advancing Cooperation and Innovation

H.E. Al Hussaini underscored the importance of regional centres for multilateral banks to boost collaboration and facilitate joint investments. He highlighted the UAE's advancements in digital infrastructure and financial innovation, promoting financial inclusion through advanced technologies. Initiatives supporting micro, small, and medium enterprises (MSMEs) and digital financing tools were also emphasised.

Addressing climate challenges, H.E. reaffirmed the UAE’s commitment to the Paris Agreement and its national contributions to achieving climate goals. He also mentioned the UAE’s upcoming semi-annual transparency report, aiming to uphold global environmental standards.

Building Global Financial Resilience

The meeting discussed enhancing the responsiveness of multilateral development banks through better governance and geographic representation. Members stressed the importance of government-private sector cooperation to address development priorities and implement the G20-approved roadmap for sustainable development.

Discussions also covered strategies to bolster global financial stability, manage large financial inflows, and promote digital tools to support MSMEs. Marking the 25th anniversary of the G20 financial track, participants reflected on its evolution, key achievements, and challenges in achieving sustainable development and climate goals.