The Saudi Minister of Economy and Planning, Faisal Alibrahim, met on Thursday with the President of the World Bank Group, Ajay Banga, reported the Saudi Press Agency (SPA).
The meeting took place in Washington D.C., with the attendance of Deputy Minister of Economy and Planning Ammar Nagadi, Deputy Minister for Policies and Economic Planning Rakan Alsheikh, CEO of the National Infrastructure Fund (INFRA) Esmail Alsallom, General Director of the Economic Research and Insights Department Yaser Faquih, and General Supervisor for International Organizations Hattan Saman.
Meanwhile, Banga was accompanied by Managing Director for Operations Anna Bjerde and Deputy President for the MENA region Ousmane Dione.
During the meeting, both sides discussed the latest regional and international economic challenges and how to tackle them. They also explored opportunities to strengthen cooperation between Saudi Arabia and the World Bank.
The World Bank’s partnership with Saudi Arabia started in 1957. The Kingdom supports the World Bank Group efforts to end extreme poverty and boost shared prosperity.
In April, the World Bank announced it would establish a knowledge center in Saudi Arabia, in partnership with the National Competitiveness Center, owing to the Kingdom’s expertise in implementing economic reforms as part of its Vision 2023.
Drawing on the Kingdom’s experience in implementing economic reforms, the new Knowledge Center will be a hub for spreading the culture of economic reforms globally and enhancing regional and global competitiveness collaborations with other countries seeking to enhance their competitive capabilities.
The Knowledge Centre preparation work is being undertaken by a founding committee including the Ministries of Finance, Economy, and Planning as well as several relevant government agencies. It is part of a continuous cooperation between Saudi Arabia and the World Bank to develop economic reforms in accordance with the best international business practices and boost competitiveness.
