Invest in infrastructure, human capital: Minister

Manama : The Minister of Finance, Shaikh Ahmed bin Mohammed Al Khalifa yesterday urged Multilateral Development Banks (MDBs) to help finance investment in infrastructure and human capital to generate inclusive and sustainable economic growth and create jobs. 

In his statement to the 95th Meeting of the Development Committee, the minister stressed that designing policies that foster robust and inclusive growth would promote access to quality education and healthcare for all and provide improved equality of opportunity.

The session was held in Washington, D.C. on the sidelines of the World Bank Group (WBG) and the International Monetary Fund (IMF) Spring Meetings. The statement was delivered on behalf of Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Maldives, Oman, Qatar, United Arab Emirates and Yemen.

“Recognising the critical role the WBG play a major role in addressing the challenges,” the Minister said while welcoming the positive momentum achieved thus far towards making it a better and stronger institution through utilization of efficiency and realignment measures. 

“Increased support for developing countries will be critical in helping them achieve their development needs, said the Minister. He also expressed his support to World Bank’s strategy of collaborating with the private sector, which improves productivity and job creation.

On the occasion, the Minister also commended the International Finance Corporation (IFC), saying that it had demonstrated its ability to play a leadership role in mobilising private capital.

However,  Shaikh Ahmed said that in order to address the financial costs of fulfilling the Sustainable Development Goals (SDGs), the IFC should play a leading role in synchronising partnership across the entire WBG, reinforcing the “One World Bank Group” model.

The Minister also highlighted the ability to generate better jobs, particularly for youth and women, as an essential requirement for promoting sustainable economic growth, stability and social cohesion.