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Emirates News Agency – “Arab Currency” offers 5 loans worth $ 623 million by 2021

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– Complete the establishment and implementation of the “Punna” site for Arab payments and the addition of major Arab and international currencies.

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Abu Dhabi, 10 April / WAM / 2021 The Arab Monetary Fund has released its annual report on its activities, which was approved by the Fund’s Board of Governors after reviewing its efforts to improve financial and financial stability and provide financial and technical support to achieve this. Extensive and sustainable development in its member countries.

Functional and financial status of the fund for the financial year ending December 31, 2021, including lending activities, financial and technical support to its member countries through direct and indirect technical assistance and consulting and its contributions in the field. Finance, Monetary and Statistics in the fields of research, reports, publications, books and publications and economics.

The report also covers the activities of the Fund aimed at developing and enhancing the capabilities of the official Arab staff at the Central Banks, Ministries of Finance, Economics and Trade and National Statistics Centers through seminars, workshops and training classes organized by the Fund.

The report highlights the fund’s efforts to support its member states in the aftermath of the COVID-19 epidemic in 2021 and to support their efforts in the recovery phase.

The report covers the activities of the fund aimed at increasing the size of the financial content, supporting the efforts of the supervisory authorities in the Arab countries to improve the financial sector and maximizing the benefits of the opportunities offered by modern financial technologies. Performance of financial services and opportunities for access to finance.

In this context, the Fund’s Board of Governors was briefed on the initiatives taken in the field of lending to member countries in 2021, the strategic objectives, plans and activities set out to achieve them and the exceptional circumstances imposed by Govt. The -19 epidemic crisis that year, the fund agreed to provide 5 loans equivalent to $ 623 million to 148 million Arab arithmetic dinars.

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The fund also agreed to repay loans previously made to its member states based on the implementation of reform programs backed by those loans.

The Fund’s ongoing efforts to support and assist decision-makers and economic policymakers in the Arab world by 2021 were explained to the Board through a number of publications, including 82 publications, including reports, work papers, research and research, and statistics. It has dealt with issues and topics related to the development of the finance and banking sector and financial stability in the Arab world, including bulletins, books, publications and guides, 28 publications. The publications also included 19 introductory brochures aimed at raising the economic and financial awareness of Arab youth.

The Board was also briefed on the Fund’s efforts in implementing its training programs and activities aimed at enhancing the human capabilities of working in official organizations in member countries where 52 training classes were conducted, benefiting approximately 1521 participants from Arab official skills.

At the level of measures to improve the finance and banking sector in the Arab world, the report reviewed the activities of the revolving fund in strengthening the elements of financial stability in the Arab world and providing opportunities for the exchange of experience and expertise and the transfer of knowledge. , As funding intensifies in 2021, he will consult with policymakers in member countries on the implications of the epidemic in dealing with the challenges posed by the Kovit-19 epidemic in this sector. He has worked on improving knowledge about financial stability issues and publishing numerous guidelines and reference documents aimed at supporting digital financial transformation in the Arab world.

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At the Council level, the Board of Governors of the Arab Central Banks and Monetary Institutions and the Arab Finance Ministers briefed the Council on the Fund’s initiatives by 2021, with the aim of strengthening its key role as a platform for dialogue and consultation. Policymakers in member countries exchanging experiences on economic and financial implications and relevant policies.

In this regard, in 2021, the two councils organized group meetings, committees and working group meetings, in addition, several workshops and dialogue forums organized with numerous regional and international participation. Financial Institutions and Structures. At the relevant level, the Fund has organized several high-level meetings for Governors, Deputy Governors and Finance Ministers in the Arab world.

Among the achievements included in the Annual Report are the Funds’ efforts to operate the “Puna” platform for the signing of the Agreements for the Headquarters of the United Arab Emirates, the issuance of the Federal Order confirming the Agreement, the Product Compliance Policy Framework, and the Development of the Technical System to Acquire and Operate the Software Necessary for the Organization to verify compliance. The US team is the world’s first regional payment platform for providing services, with banks participating in the site introducing new additions and applications to the technology system, completing procedures for adding US dollars and launching settlement and settlement services in US dollars. Completion of Euro Addition Procedures and launch of Site and Solution Services platform.

On the other hand, in 2021, the Board discussed the progress of investment activities, following the approach of adopting a conservative investment policy and strategy in managing the finances and risks of the investment portfolios. Achieve positive returns. The operation of the investment fund includes the use of its own resources, the acceptance and investment of deposits from member countries, the maintenance of high-level balances for this activity, and the continued use of Basel III decisions to manage the risks of this operation.

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On the other hand, the Fund continued its activities by directly managing investments for a portion of the Arab Trade Fund program and overseeing the accumulation of funds in the consolidated accounts of specialized Arab organizations, as well as overseeing the area managed by outsiders. In accordance with the respective investment policies and strategies.

In connection with the Fund’s contributions to the growth of Arab trade and the promotion of Arab exporters, the Fund continued to promote Arab goods and products through the Arab Trade Funding Program in 2021 and to provide a portion of the necessary funding. For this business and its dealers.

The value of business contracts funded by the program in 2021 was $ 1,403 million, and the value of withdrawals in the aforementioned year was $ 1,012 million.

The report covers the activities of the Fund to support opportunities for Arab economic integration, to liaise with key trading partners in the Arab world, and through the efforts of the Trade Fund program to promote or pursue Arab trade flows. “Builds” Arab payments Work within the framework of the regional agency for settlement and settlement.

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Mohammed bin Rashid: UAE’s sustainability and climate change efforts are constant in our comprehensive development journey

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Mohammed bin Rashid: UAE’s sustainability and climate change efforts are constant in our comprehensive development journey

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, chaired the Cabinet meeting held in conjunction with the COP28 conference at Dubai’s Expo City.
In a blog post on the “X” site, His Highness said: At the beginning of the “Cabinet Meeting”, we reviewed the results of the state’s national efforts in the field of environment, including more than 120 decisions on sustainability, climate change, The development of our natural resources published by the Council over the last five years… and we launched more than 60 new decisions in 2023 alone, creating a coherent set of policies, legislation, strategies and initiatives. Efforts to participate with the world in addressing the effects of climate change and its file.
His Highness added: National strategies and policies in the field of environment and climate change have yielded results, as the country ranks second in the world in energy transition, in the Global Green Future Index 2023 “GFI”, and the sixth in the world per capita solar energy consumption rate, and it is worth 50 billion dollars. It has invested over .70 billion in clean energy projects in countries, pledging to invest an additional $50 billion in the sector over the next decade.
His Highness continued: The UAE continues to be active and proactive in the field of sustainability and climate change, and our efforts in this field are parallel to those of economic development, and are an essential and sustainable component of our comprehensive and continuous development. Process, God willing.

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5 Top Priorities to Combat Climate Change in Africa

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5 Top Priorities to Combat Climate Change in Africa

African civil society has identified five key priorities for combating climate change: adaptation, losses and damages, food and land use systems, and forest conservation and restoration.

This was announced by UNANDA Third World Executive Secretary Chekov Sir during an event held on the sidelines of the United Nations Climate Conference “COP28” in Dubai.

The “Anda Third World” organization represents a group of African non-governmental organizations, and these organizations met within the framework of a common platform, which was launched during the “COP”, an alliance of the African Development Bank Group and civil society. Climate and Energy.

African Development Bank president Akinwumi Adesina said: “The continent must benefit from its natural wealth. African economies should not be measured by their GDP, while Africa’s wealth should be assessed by its natural capital.”

“The continent’s vast mineral resources, forests and renewable energy must play a part in the balance,” he added, pointing out that the Congo Basin is the world’s largest carbon reserve, but is not taken into account in the overall assessment. Domestic production of countries in the region.

The coalition supports calls by African leaders to transfer special drawing rights on climate finance to Africa, including the African Development Bank.

The coalition calls on the international community, governments and development partners to comprehensively implement best practices, innovations and technologies and engage farmers and local communities, especially women and youth, in an approach that integrates science and traditional knowledge without harming biodiversity. or compromising community resilience.

He called on parties to ensure that adaptation and resilience are at the heart of African economies vulnerable to climate change.

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The Bank’s Vice President, Agriculture, Human and Social Development, Beth Dunford, confirmed during a discussion with civil society that the alliance is “very important” for Africa, noting that the Bank allocates 64% of its funding to adapt to climate change. continent, and it has now opened a window for climate action aimed at providing specific resources and technical assistance to least developed countries on the continent.

For his part, Alliance President Augustine Njamanshi praised the relationship between development finance institutions, civil society and the private sector in combating climate change in Africa.

“Doubling adaptation financing will not be enough for the continent because governments have already spent a lot of money,” he said, adding that civil society and the private sector, especially banks, must work together for the continent’s benefit.

In turn, Ecotrades Fund Executive Director Pauline Nantungo Kalunda said, “Civil society and the private sector’s collaborative work has enabled 15,000 smallholder farmers to plant trees to increase carbon storage,” calling for the removal of barriers. Prevent communities from accessing climate finance.

Mithika Mwenda, President of the Pan-African Climate Justice Alliance, a strong network of over 1,000 African climate organizations, emphasized the catalytic role of civil society and praised the partnership with the Bank.

“Government, the private sector and civil society are forming a ‘parallel’ in the fight against climate change in this coastal country,” said Roger Barrow, Burkina Faso’s environment minister.

• The African Development Bank allocates 64% of its financing to climate change on the continent.

5 Priorities:

– adaptation.

– Losses.

– Damages.

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– Food and land use systems.

– Conservation and restoration of forests.

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The UAE has long-term strategies for environmental sustainability

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The UAE has long-term strategies for environmental sustainability

According to a study conducted by the Regional Center for Strategic Analyzes in Abu Dhabi, sustainability strategies and tackling climate change are at the top of the national action agenda in the UAE. The UAE’s contributions and initiatives during COP 28 gained greater regional and international momentum, support for achieving a better harmonized formula for environmental protection and sustainability, and international pledges to allocate hundreds of billions of dollars to finance climate and sustainable projects.
Interregional said the UAE is making progress in strengthening its environmental leadership by investing tens of billions of dollars and providing legislation, regulatory frameworks, initiatives and policies to address climate change. Participation in dozens of contracts and initiatives around the world.
In this context, Interregional released the “UAE Environmental Achievement Index 2023” to monitor and track the performance of the country’s environmental initiatives in the field of environment and climate, measuring and monitoring 32 sub-indicators since its inception. “UAE Vision 2021” in 2010 to 2022. He also gave predictions till the year 2030.
The Environmental Performance Index is the arithmetic mean of four sub-indicators, namely: climate change, biodiversity, maintenance of a healthy and clean environment and environmental awareness and behaviour, as per the guidelines for developing composite indicators issued by the Organization for Economic Co-operation and Development (OECD).
The center emphasized that the UAE’s approach to climate change has become a priority for government action, in an effort to be “zero climate neutral” and invest in green resources. In this aspect. He explained that there are many motives and reasons behind the UAE’s high priority of addressing the phenomenon of climate change. This comes in the backdrop of the state’s keenness to achieve its strategic plans on climate change. Among the key concepts that have made climate change a government priority are the catastrophic effects worldwide, in particular: droughts and floods, inundation of cities, waves of displacement, damage to agriculture and infrastructure, and degradation. Global food security crises.
The UAE has adopted a comprehensive approach to addressing the climate change crisis, seeking to achieve environmental sustainability through an integrated legislative and regulatory framework, in coordination and cooperation with the international community in this regard. Approach: Localize clean energy, adopt peaceful nuclear energy and support climate legislation and knowledge frameworks, and coordinate with the international and regional community to support international efforts to address climate change. To achieve climate neutrality by 2050, the UAE has won the trust of the international community to host COP28 from here.

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