The UAE Government has allocated an amount of $200 million fund for Global Poverty Reduction—a great gesture to support the underprivileged in these challenging times.
The main aim for funding a huge amount for the Global Poverty Reduction cause was to expand concessional financing for countries with low income and also align of United Nations’ Sustainability Development Goals with the UAE’s steadfast dedication to the purpose of eradication of global poverty. A commitment of AED 735 million has been extended to support Poverty Reduction and Growth Trust which is essentially for the underprivileged countries having low-income groups, and lowest per capita incomes.
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Global Poverty Reduction
Great dedication of the UAE Government to Humanitarian Efforts has been seen in the past years with new upcoming projects on the way.
The Minister of State for Financial Affairs, namely; Mohamed Bin Hadi Al Hussaini announced during the IMFC Meeting expressing the allocation of an amount to uplift the economic conditions of low-income countries. IMFC stands for the International Monetary and Financial Committee, which works for the monetary uplift of the nations seeking economic support. IMFC has worked with (WBG) World Bank Group- (IMF) International Monetary Fund mentioned the amount allocation in their Annual meetings from October 9 to 15th in Marrakesh, Morocco.
United Nations SDGs are ensured by all means of commitment under the guidance of the Ruler of Dubai, Vice President, Prime Minister of UAE; His Highness Shiekh Mohamed bin Rashid Al Maktoum and President Sheikh Mohamed Bin Zayed Al Nahyan. The UAE Government is dedicated to contributing to coordination with international development organizations to ensure regional progress of low-income areas through institutional empowerment.
The support is meant to enhance the progress of developmental projects as well as benefit the deprived segments of society through initiatives like these. Furthermore, these contributions are meant to enhance the dedication of the UAE Government to such global humanitarian efforts.
The meetings of the World Bank and International Monetary Fund were hosted for the first time in five years in Africa, to create a historic platform for discussing development and progress-related challenges in over 189 nations. The commitment of the UAE Government is to ensure foreign aid provision, uplifting African economic conditions, poverty reduction as well as promotion of prosperity and peace in the region.
The UAE Government has been a significant source of foreign aid, social services, and a source of economic growth in developing countries, since its establishment in 1971.
The UAE Government structure is well-organized and developed to ensure that all the progressing projects are being looked after. The UAE’s Financial Intelligence Unit serves the vital financial, logistical, and commercial needs of South Africa, the Middle East, and Africa, whereby it links the economy of the UAE with these countries to ensure financial, economic, and social stability. The financial progress of the UAE depends upon Travel and Tourism, along with luxury real estate homes under construction.
What is the Poverty Reduction and Growth Trust?
Poverty Reduction and Growth Trust is a trust fund created to provide financial assistance to developing countries.
PRGT stands for Poverty Reduction and Growth Trust is an institution especially for low-income countries and was founded in the year 2010 January. The trust aims to extend assistance for confronting challenges in developing countries by providing funding on a concessional basis, on a zero interest rate. The main countries to which support is extended are facing food insecurities, high inflation rates, high borrowing costs, increased crime rates as well and increasing trends in debt risk.
There is a group of 69 eligible nations that have been significantly impacted by the commitment of the UAE to the Poverty Reduction and Growth Trust. These measures are taken to provide sustainable resources and economic, social, and infrastructural development. These efforts will support and alleviate poverty and foster the development of sustainability.
Penny Realty Real Estate will keep updating the financial contributions of the UAE Government in improving the Global Poverty situation and ensuring the social uplift of society.
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