Latest news with #2025SpringMeetings
Ya Biladi
22-05-2025
- Business
- Ya Biladi
US eyes investment In Nigeria-Morocco gas pipeline
The United States has shown strong interest in the gas pipeline project linking Morocco to Nigeria, according to media reports from Abuja. The Trump administration is showing «interest in investing in the Nigeria-Morocco Gas Pipeline (NMGP) project», said Nigeria's Minister of Finance and Economy, Wale Edun, during a press conference. This week, the minister visited Washington to attend the 2025 Spring Meetings of the International Monetary Fund and the World Bank. His Moroccan counterpart, Nadia Fettah Alaoui, also participated in the gatherings. The project enjoys the backing of Nigeria's federal government, in contrast to the difficulties faced by the Nigeria-Niger-Algeria pipeline, which has been hampered by crises in the Sahel and strained relations between Abuja and Niamey, and more recently between Niamey and Algiers. As a reminder, Amina Benkhadra, Director General of the National Office of Hydrocarbons and Mines (ONHYM), presented the significant progress of the West African Gas Pipeline (WAGP) on March 6 in Washington. Her presentation took place during an event organized by an American think tank on the sidelines of the «Powering Africa Summit», which focused on energy partnerships between the United States and Africa.
Iraqi News
28-04-2025
- Business
- Iraqi News
Iraq reviews projects financed by World Bank
Baghdad ( – An Iraqi delegation headed by Finance Minister Taif Sami and the World Bank's Vice President for the Middle East and North Africa (MENA) region, Ousmane Dione, recently discussed projects funded by the financial institution, particularly the railway project in Iraq. The two sides met on the sidelines of their participation in the 2025 Spring Meetings of the World Bank and the International Monetary Fund (IMF) taking place from April 21 to 26, according to a statement cited by the Iraqi News Agency (INA). The two sides committed to evaluating how these projects are being carried out, spotting any problems, and coming up with solutions to guarantee that they were finished on schedule. The meeting addressed the government's top objectives for upcoming projects that the World Bank may fund, including waste management, renewable energy, and transportation projects, especially those involving the metro, airports, and railroads. Sami and Dione talked about Iraq's human development, which will be included in the World Bank's plans to provide funding and start new initiatives in the fields of social protection, employment, health, and education.
Business Insider
28-04-2025
- Business
- Business Insider
U.S. considers investment in Africa's most ambitious gas pipeline project
The United States has expressed interest in investing in Africa's most ambitious gas pipeline project, which aims to connect Nigeria to Morocco. The United States is interested in investing in the Nigeria-Morocco gas pipeline project, aiming to connect Nigeria to Morocco Interest in the project was revealed during bilateral engagements at the 2025 Spring Meetings of the IMF and the World Bank Group in Washington, D.C. The pipeline project spans 5,660 kilometers and aims to connect West Africa to Europe via Morocco, with a total estimated cost of $25 billion The United State's interest in the Nigeria-Morocco gas pipeline project was revealed by Nigeria's Finance Minister, Wale Edun, who highlighted the potential for U.S. involvement in the initiative. According to The Cable, Minister Edun disclosed this in a statement outlining the outcomes of the ministry's bilateral engagements at the recently concluded 2025 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington, D.C. Minister Edun emphasized that during a high-level meeting with Central Bank Governor Olayemi Cardoso and representatives from the U.S. State Department, the U.S. highlighted the importance of showcasing Nigeria's economic reforms to attract investor confidence. 'Key areas of interest includes U.S. interest in investments in Nigeria's natural gas sector particularly the Nigeria-Morocco Gas Pipeline given the country's vast gas reserves, ' he noted. The Nigeria-Morroco gas pipeline project The Nigeria-Morocco gas pipeline project, one of Africa's most ambitious infrastructure initiatives, spans 5,660 kilometers and aims to connect West Africa to Europe via Morocco. Launched in December 2016 during King Mohammed VI's visit to Nigeria, this $25 billion project will link Nigeria to Morocco through 13 countries. Expected to enhance energy security for both coastal nations and the Alliance of Sahel States (ESA), the pipeline will become the world's longest offshore gas pipeline. In 2022, the Nigerian National Petroleum Company (NNPCL) and Morocco's ONHYM signed an agreement to begin construction, with contributions from ECOWAS, SMH of Tanzania, and Petrosen of Senegal, aiming to increase gas supply to Europe. Rival powers target Africa The rivalry between the U.S. and China over Africa's development is intensifying as both nations vie for involvement in critical projects across the continent. From mining to infrastructure, both countries have steadily expanded their influence over the years, seeking investments that align with their national interests. Earlier this year, the Nigeria-Morocco gas pipeline project gained significant strategic backing from Jingye Group, a prominent Chinese steel producer. Through its UK subsidiary, Jingye British Steel, the company plans to supply high-quality steel products essential for the pipeline's construction.
Mid East Info
27-04-2025
- Business
- Mid East Info
UAE concludes participation in 2025 Spring Meetings of the World Bank Group and the International Monetary Fund
Mohamed bin Hadi Al Hussaini: UAE supports constructive dialogue with international financial institutions and the development of practical solutions to help countries face increasing challenges Mohamed bin Hadi Al Hussaini: Strengthening economic resilience at regional and global levels requires wider partnerships and multilateral cooperation Addressing key global challenges related to growth, financial sustainability, digital transformation, and climate action. Discussing IMF's role in supporting economic stability and advancing sustainable development. Expanding the resources of IMF's Resilience and Sustainability Trust to cover vital areas including youth empowerment, employment generation, and digital transformation. Discussing IMF's assessment of the global economic outlook and financial stability. The UAE has wrapped up its participation in the 2025 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), which took place in Washington, D.C., from April 21 to 26. The Ministry of Finance and the Central Bank of the UAE (CBUAE) have represented the country in the meeting, which discussed key global challenges in various areas from growth to inflation, financial sustainability, digital transformation, and climate action. The meeting was attended by international economic leaders, including finance and development ministers, central bank governors, private sector executives, and representatives from civil society organisations. Enhancing economic resilience: H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, emphasised that the UAE is committed to enhancing its international role in shaping global economic and financial policies as well as to contributing to the development of a more inclusive and sustainable global financial system. His Excellency stated: 'We believe that strengthening economic resilience at both regional and global levels requires broader partnerships and adaptive, multilateral cooperation. Hence, we, in the UAE, prioritise constructive dialogue with international financial institutions and are committed to developing practical, actionable solutions that support countries in addressing global challenges, particularly in the areas of sustainable economic transformation, financial governance, and investment in digital infrastructure and related policy frameworks.' He added: 'We will continue to promote innovative and inclusive financing models, redirecting resources toward high-impact sectors that drive sustainable development, such as education, infrastructure, and youth empowerment. We highly appreciate the vital role played by the IMF and the World Bank Group, especially in supporting developing nations build more resilient, stable, and forward-looking economies.' For his part, His Excellency Khaled Mohamed Balama, Governor of the Central Bank of the UAE, stated: 'The UAE's participation in the Spring Meetings reflects its firm belief in the importance of dialogue and international cooperation in economic and developmental fields to address global economic challenges. These meetings reaffirmed the importance of coordinating monetary and fiscal policies to counter inflation and market volatility.' 'At the Central Bank of the UAE, we pursue balanced policies that ensure monetary stability and enhance the resilience and sustainability of the national economy, in line with the UAE's ambitious economic visions.' Balama added. Supporting development pathways: During the Spring Meetings, the UAE delegation also took part in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) Ministerial Meeting for finance ministers and central bank governors. In addition to addressing regional economic challenges amid global uncertainty, the ministerial meeting explored avenues for promoting inclusive growth as well as the role of the International Monetary Fund (IMF) in supporting economic stability and advancing sustainable development. Discussions also focused on the impact of global financial conditions, national policy strategies, and the role of international institutions in supporting reform and development initiatives. During the meeting, His Excellency Al Hussaini stressed the importance of strengthening constructive cooperation with the IMF, commending its role in offering guidance and support to countries with fragile and vulnerable economies. He called for expanding the resources of the IMF's Resilience and Sustainability Trust (RST) to cover vital areas such as employment opportunities, youth empowerment, and digital transformation. His Excellency also reaffirmed the UAE's commitment to supporting regional and international efforts to restore growth momentum and enhance economic governance, highlighting the importance of innovation and investment in human capital and infrastructure as key pillars for achieving long-term sustainable development. Strengthening Global Financial Stability: The UAE delegation also took part in the second G20 Finance Ministers and Central Bank Governors Meeting (FMCBG), which discussed several key global economic and financial issues across three main sessions. These sessions focused on macroeconomic challenges, global financial stability, the international financial architecture, developments in the multilateral development banks roadmap, and the challenges hindering development in Africa. Highlighting the importance of the G20's role in coordinating economic policies, Al Hussaini proposed three main steps to enhance global macroeconomic stability. These included addressing uncertainty, establishing a fair and transparent global trade system that ensures equal opportunities, supporting emerging market economies and developing countries to strengthen their financial resilience, and considering the social dimensions of economic policies to achieve a balance between public finance requirements and sustainable development goals. During a dedicated session on development challenges in Africa, His Excellency reiterated the UAE's support for G20-led initiatives aimed at promoting sustainable development across the African continent. IMFC meetings: Al Hussaini also participated in the International Monetary and Financial Committee (IMFC) meetings, which addressed the IMF's latest assessment of the global economic outlook and financial stability. In his remarks, His Excellency noted that successive economic shocks continue to weaken global growth and heighten market volatility, contributing to increased uncertainty and adversely affecting the investment climate and progress toward sustainable development. He further stressed that the rising debt levels in emerging markets and low-income countries represent an escalating risk to economic stability, particularly amid high borrowing costs and constrained access to financing. His Excellency noted that the UAE fully supports the IMF's role in providing tailored assistance and guidance, taking into account their unique economic and social contexts. He also commended the Fund's analysis and recommendations, particularly regarding the impact of current tariffs on trade flows and their broader implications for developing countries and economies. Bilateral meetings: Additionally, the UAE delegation held a number of high-level bilateral meetings to discuss economic and financial relations with Pakistan, Zimbabwe and the International Fund for Agricultural Development (IFAD).
Zawya
26-04-2025
- Business
- Zawya
UAE concludes participation in 2025 Spring Meetings of the World Bank Group and the IMF
Mohamed bin Hadi Al Hussaini: UAE supports constructive dialogue with international financial institutions and the development of practical solutions to help countries face increasing challenges Mohamed bin Hadi Al Hussaini: Strengthening economic resilience at regional and global levels requires wider partnerships and multilateral cooperation Addressing key global challenges related to growth, financial sustainability, digital transformation, and climate action. Discussing IMF's role in supporting economic stability and advancing sustainable development. Expanding the resources of IMF's Resilience and Sustainability Trust to cover vital areas including youth empowerment, employment generation, and digital transformation. Discussing IMF's assessment of the global economic outlook and financial stability. Washington, USA: The UAE has wrapped up its participation in the 2025 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), which took place in Washington, D.C., from April 21 to 26. The Ministry of Finance and the Central Bank of the UAE (CBUAE) have represented the country in the meeting, which discussed key global challenges in various areas from growth to inflation, financial sustainability, digital transformation, and climate action. The meeting was attended by international economic leaders, including finance and development ministers, central bank governors, private sector executives, and representatives from civil society organisations. Enhancing economic resilience H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, emphasised that the UAE is committed to enhancing its international role in shaping global economic and financial policies as well as to contributing to the development of a more inclusive and sustainable global financial system. His Excellency stated: 'We believe that strengthening economic resilience at both regional and global levels requires broader partnerships and adaptive, multilateral cooperation. Hence, we, in the UAE, prioritise constructive dialogue with international financial institutions and are committed to developing practical, actionable solutions that support countries in addressing global challenges, particularly in the areas of sustainable economic transformation, financial governance, and investment in digital infrastructure and related policy frameworks.' He added: 'We will continue to promote innovative and inclusive financing models, redirecting resources toward high-impact sectors that drive sustainable development, such as education, infrastructure, and youth empowerment. We highly appreciate the vital role played by the IMF and the World Bank Group, especially in supporting developing nations build more resilient, stable, and forward-looking economies.' For his part, His Excellency Khaled Mohamed Balama, Governor of the Central Bank of the UAE, stated: 'The UAE's participation in the Spring Meetings reflects its firm belief in the importance of dialogue and international cooperation in economic and developmental fields to address global economic challenges. These meetings reaffirmed the importance of coordinating monetary and fiscal policies to counter inflation and market volatility." 'At the Central Bank of the UAE, we pursue balanced policies that ensure monetary stability and enhance the resilience and sustainability of the national economy, in line with the UAE's ambitious economic visions." Balama added. Supporting development pathways During the Spring Meetings, the UAE delegation also took part in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) Ministerial Meeting for finance ministers and central bank governors. In addition to addressing regional economic challenges amid global uncertainty, the ministerial meeting explored avenues for promoting inclusive growth as well as the role of the International Monetary Fund (IMF) in supporting economic stability and advancing sustainable development. Discussions also focused on the impact of global financial conditions, national policy strategies, and the role of international institutions in supporting reform and development initiatives. During the meeting, His Excellency Al Hussaini stressed the importance of strengthening constructive cooperation with the IMF, commending its role in offering guidance and support to countries with fragile and vulnerable economies. He called for expanding the resources of the IMF's Resilience and Sustainability Trust (RST) to cover vital areas such as employment opportunities, youth empowerment, and digital transformation. His Excellency also reaffirmed the UAE's commitment to supporting regional and international efforts to restore growth momentum and enhance economic governance, highlighting the importance of innovation and investment in human capital and infrastructure as key pillars for achieving long-term sustainable development. Strengthening Global Financial Stability The UAE delegation also took part in the second G20 Finance Ministers and Central Bank Governors Meeting (FMCBG), which discussed several key global economic and financial issues across three main sessions. These sessions focused on macroeconomic challenges, global financial stability, the international financial architecture, developments in the multilateral development banks roadmap, and the challenges hindering development in Africa. Highlighting the importance of the G20's role in coordinating economic policies, Al Hussaini proposed three main steps to enhance global macroeconomic stability. These included addressing uncertainty, establishing a fair and transparent global trade system that ensures equal opportunities, supporting emerging market economies and developing countries to strengthen their financial resilience, and considering the social dimensions of economic policies to achieve a balance between public finance requirements and sustainable development goals. During a dedicated session on development challenges in Africa, His Excellency reiterated the UAE's support for G20-led initiatives aimed at promoting sustainable development across the African continent. IMFC meetings Al Hussaini also participated in the International Monetary and Financial Committee (IMFC) meetings, which addressed the IMF's latest assessment of the global economic outlook and financial stability. In his remarks, His Excellency noted that successive economic shocks continue to weaken global growth and heighten market volatility, contributing to increased uncertainty and adversely affecting the investment climate and progress toward sustainable development. He further stressed that the rising debt levels in emerging markets and low-income countries represent an escalating risk to economic stability, particularly amid high borrowing costs and constrained access to financing. His Excellency noted that the UAE fully supports the IMF's role in providing tailored assistance and guidance, taking into account their unique economic and social contexts. He also commended the Fund's analysis and recommendations, particularly regarding the impact of current tariffs on trade flows and their broader implications for developing countries and economies. Bilateral meetings Additionally, the UAE delegation held a number of high-level bilateral meetings to discuss economic and financial relations with Pakistan, Zimbabwe and the International Fund for Agricultural Development (IFAD).
