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UAE ’ s Ministry of Finance holds workshops to incentivise private sector to adopt financial products , insurance solutions
T he Ministry of Finance , in collaboration with the World Bank Group ’ s Multilateral Investment Guarantee Agency , MIGA , held two workshops at the headquarters of the Chambers of Commerce in Dubai and Abu Dhabi . Organised as part of the Ministry ’ s efforts to enhance the business environment in the UAE , the workshops gathered government officials , and businesspeople and investors from the UAE private sector .
MIGA presented its comprehensive suite of financial products and services , including the insurance solutions and guarantees it provides to enhance credit for businesspeople and lenders to facilitate business set-up in emerging economies . It also addressed concerns regarding value and investment products , and the optimal capital obtained from financial institutions at the lowest possible cost . The workshop included a session titled Applications of innovative products : Commercial financing products and the latest renewable energy solutions .
In the two workshops , MIGA shared case studies of its projects in the Middle East and North Africa and Sub-Saharan Africa , including local national energy grids and off-grid renewable energy projects .
It also discussed projects in new operational facilities in industries that rely on agricultural raw materials , water infrastructure , communications , and hotels and tourism , in countries such as Senegal , the Democratic Republic of the Congo , Liberia , Iraq , Egypt , Jordan , and Ethiopia .
A discussion then took place about the key opportunities and challenges facing the development of businesses ’ goals for the next five years in the energy , communications , roads , water , and financial and banking sectors . The conversation continued to discuss the opportunities in emerging markets , and the importance of formulating business decisions based on what was previously discussed , as well as the main risks and restrictions faced while developing or operating projects .
This was followed by a chat on the solutions that MIGA provides to mitigate the risks of private investment in emerging markets , the best risk mitigation methods , along with a comparison between those methods in different regions of the world . The dialogue also addressed the importance of fair distribution of risks and benefits between governments and businesspeople , and lessons from publicprivate partnerships , in addition to climate action financing .
His Excellency Younis Haji Al Khoori , Undersecretary of the Ministry of Finance , expressed his gratitude for MIGA ’ s efforts in raising awareness on opportunities to establish businesses in countries with emerging economies . He also commended MIGA ’ s efforts to support small businesses , promote comprehensive and sustainable economic development , enable millions to access the internet , create thousands of job opportunities , and achieve a significant reduction in carbon emissions through the projects it assisted .
Ethiopis Tafara , Vice President , Chief Risk , Legal and Sustainability Officer and Partnerships for the World Bank Group ’ s MIGA , said : “ The workshops in Abu Dhabi and Dubai helped us collate a better understanding of the private sector ’ s needs and how to facilitate its efforts to enter emerging markets .” •
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