Arab Financial Institutions’ meeting kicks off in Rabat, Morocco
GOOBJOOG NEWS | RABAT: The Federal Government of Somalia Finance Minister Elmi Mohammed Nor is in Rabat, Morocco for the Arab Financial Institution’s meeting which kicked off Saturday.
In a statement to the delegates delivered by Moroccan Prime Minister Aziz Akhannouch, Morocco’s King Mohammad VI said the global economy is going through a stormy and uncertain period due to the ongoing war in Ukraine and other geopolitical tensions.
“The annual meetings of our Arab financial institutions presents an important opportunity for evaluating achievements and taking stock of the commendable development efforts exerted by these institutions.”
The King called upon the delegate to discuss modalities to support Arab countries to face the challenges faced by the global financial challenges and urged Arab countries to combine efforts so as to meet the aspirations of their citizens, particularly the youth.
He further stressed the need to boost Arab development institutions’ capability to adopt to regional and international changes and adopt modern development models aimed at improving Arab economies and enable them integrate to regional and international value chains.
Climate Change
King Mohammed VI also highlighted the need to address climate related challenges through “preferential financing terms” aimed at promoting a transition to a sustainable green economy.
“Arab financial institutions’ support for member countries’ efforts to preserve climate security and build a green economy also implies supporting Arab countries in international development forums in order to strike a balance between their financing capabilities and contribution to curbing gas emissions which cause climate change. Arab financial institutions should also play a mediating role for the fulfilment of the financing pledges made by the international community within the framework of the Paris Climate Agreement,” he said.
He also stressed the need to promote the integration of education and vocational training and also the need for upgrade finance basic infrastructure and energy, land, rail and sea connectivity as well as digital transformation to help curb disparities among states.
“I therefore invite Arab financial institutions to take particular interest in entrepreneurial initiatives, especially those of medium, small and very small enterprises, and to support financial inclusion and enhance healthy competition among member states,” said the king.
Somalia has had a long history of cultural, religious and trade ties with Arab states and have partnered in several economic, development and security projects.
- By Fauxile Kibet