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UAE Central Bank and IMF explore boosting cooperation on sustainable financing

The Central Bank’s agenda for green financing aligns with the UAE’s strategy for sustainable economic growth

UAE Central Bank and IMF explore boosting cooperation on sustainable financing
[Source photo: Anvita Gupta/Fast Company Middle East]

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The UAE Central Bank and the International Monetary Fund are keen on boosting cooperation, particularly in sustainable financing, ahead of the upcoming COP28 summit the UAE hosts.

At a recent meeting in Abu Dhabi, Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates (CBUAE), and Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), discussed efforts by both parties to enhance the financial system and support global economic growth.

“We welcome all efforts to strengthen our cooperation and relations with international financial institutions, particularly the IMF,” Balama said.

“The UAE acknowledges the role these ties play in supporting our efforts to establish sustainable growth in various sectors and in enhancing the UAE’s position on the global stage and its contribution to providing effective solutions that ensure financial stability, drive global economic growth, and encourage sustainable development.”

The CBUAE’s agenda for green financing, aligned with the UAE’s strategy for sustainable economic growth and financial stability, was a key topic of discussion.

The Central Bank and the IMF represent the current and projected state of the regional and global economy amidst growing tensions, leading to a slowdown in economic growth, higher inflation, and increased risks that impede trade and capital flows.

They also discussed sustainable development indicators, economic growth, and developments in the UAE’s financial system, as the country is expected to maintain healthy gross domestic product growth, despite global challenges.

“This growth is attributed to growth in non-oil GDP and the UAE’s commitment to diversification, knowledge, innovation, and digitization, which has contributed to the distinguished resilience and stability of the country’s financial system,” the Central Bank stated.

Earlier this week, Abu Dhabi-based clean energy company Masdar raised $750 million by selling 10-year unsecured notes to fund renewable energy projects. According to Masdar, the green bond was 5.6 times oversubscribed, with the order book peaking at $4.2 billion, and gained interest from regional and international investors.

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