Ministry of Finance Participates in G20 Finance Track’s Third Infrastructure Working Group (IWG) meeting
The Ministry of Finance (MoF) recently participated in G20 Finance Track’s third Infrastructure Working Group (IWG) meeting, which was held under the Indonesian Presidency. The meeting was held virtually on 9 and 10 June 2022, and sought to discuss the progress made on the working group deliverables and provide members with an update on the progress made on the IWG 2022 plan.
His Excellency Ali Abdullah Sharafi, Assistant Undersecretary of the International Financial Relationship Sector at MoF ; as well as Ms. Amna Hassan Al Shamsi, Head of Policies, Regulations and Procedures, Policy and Accounting Procedures Department at MoF, participated in the meeting. G20 members, invited countries, representatives from international organisations and the IWG’s affiliated partners also attended the meeting.
The UAE team praised the efforts made to continue developing the infrastructure sector in a sustainable manner, as well as the proposals aimed at attracting private sector investments to enhance infrastructure services. The team stressed on the need to include more countries and international and regional organisations to participate in the preparation of the Group’s outputs, particularly on the topic of attracting investment. The team also previewed the UAE’s efforts in developing infrastructure projects using technological and sustainable solutions.
IWG members discussed the Global Infrastructure Hub’s (GIH) recommendations for scaling up sustainable infrastructure investments and means of financing technology deployment in infrastructure development. IWG members also reviewed the policies to enhance infrastructure investment in the wake of the COVID-19 crisis. The meeting also sought to collect members’ views on the InfraTracker initiative, which aims to track the amount of infrastructure stimulus announced by G20 members in response to COVID-19.
At the end of the meeting, the participating members and international organisations agreed on reviewing the progress made in terms of the IWG outputs during the next G20 Finance Ministers and Central Bank Governor Meeting (FMCBG) meeting in July 2022. Additionally, the members will continue to update the work plan prior to the next meeting in September 2022.