The UAE has announced it will allocate $200 million in funding to support growth for low-income countries.
The funding will go towards the Poverty Reduction and Growth Trust, which addresses the challenges facing low-income countries that face high inflation, food insecurity, increasing risk of debt and high borrowing costs.
The aim is to reduce poverty levels across the globe, as part of the UAE's commitment to support the UN's Sustainable Development Goal of enduring a better and more sustainable future.
The announcement was made during the World Bank and International Monetary Fund's (IMF) 2023 Annual Meetings in Marrakesh, Morocco, on Saturday.
"Under the leadership of His Highness Sheikh Mohamed bin Zayed, President of the UAE, and under the guidance of His Highness Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai, the UAE is committed to realising the UN SDGs by all means possible," said Mohamed Al Hussaini, Minister of State for Financial Affairs, in a statement.
"This includes contributing to trust funds, which falls within the UAE's strategy and vision for co-operation and co-ordination with regional and international development organisations and institutions.
"This bolsters development projects and enhances the benefits gained from provided projects, services and funding mechanisms, while reaffirming the UAE's commitment to backing international humanitarian initiatives."
Mr Al Hussaini added that holding the WBG-IMF Annual Meetings in Africa, for the first time in nearly five decades, was a historic opportunity to address issues related to development, with more than 189 countries in attendance.
"The history of UAE's foreign aid began with its foundation," he said. "It is now a vital financial, commercial and logistical hub for the Middle East, Africa and South Asia, thus linking its economy to those nations' economies."
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hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66