Money aimed at supporting the UN Sustainability Development Goal of eliminating poverty worldwide.
The United Arab Emirates (UAE) has declared a substantial commitment of $200 million in funding to bolster the development of low-income countries.
This funding will be channeled into the Poverty Reduction and Growth Trust, a vital initiative aimed at addressing the complex challenges confronting low-income nations, such as high inflation, food insecurity, mounting debt risks, and elevated borrowing costs.
Tackling Global Poverty
The primary objective of this financial support is to diminish poverty levels worldwide.
It aligns with the UAE’s commitment to advancing the United Nations’ Sustainable Development Goal, which seeks to ensure a better and more sustainable future for all.
Announcement at the 2023 World Bank and IMF Annual Meetings
The announcement of the UAE’s substantial funding pledge was made during the 2023 Annual Meetings of the World Bank and the International Monetary Fund (IMF).
These meetings took place in Marrakesh, Morocco, on a notable platform where international organizations and countries come together to discuss critical global economic and developmental matters.
The UAE’s generous contribution underscores its dedication to facilitating economic growth and poverty reduction in low-income countries, thus fostering global progress and sustainability.