UAE Allocates $200 Million To Support Low-Income Countries, Reduce Poverty
The UAE has said it will offer support to the Poverty Reduction and Growth Trust (PRGT), as part of its efforts to expand concessional financing for low-income countries.
Mohamed bin Hadi Al Hussaini, UAE Minister of State for Financial Affairs, announced the country will allocate $200m to PRGT at the International Monetary and Financial Committee (IMFC) meeting, organised on the sidelines of the World Bank Group (WBG)-International Monetary Fund (IMF) Annual Meetings, as reported by the state news agency, WAM.
The country participated in the WBG-IMF Annual Meetings held in Morocco, from October 9-15.
Founded in January 2010, PRGT addresses the challenges facing low-income countries. It is a key IMF vehicle that provides concessional funding (currently at zero interest) to low-income countries facing high inflation, persistent food insecurity, increasing debt risks, and high borrowing costs.
There are 69 nations that are eligible to receive funding from PRGT.
