WGS, IFC Sign Cooperation Framework to Deepen their Partnership

Jerusalem, 17 October, 2022 (TPS) -- WASHINGTON, DC, 17th October 2022 (WAM)
The World Government Summit Organization and the International Finance Corporation (IFC), a member of the World Bank Group, signed a Cooperation Framework to deepen their partnership around key development issues in the Arab region including supporting women entrepreneurs, on the sidelines of the International Monetary Fund & World Bank Group Annual Meetings in Washington, DC.

The signing ceremony was preceded by a joint bilateral meeting with Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, and Chairman of the Development Committee (DC) of the World Bank Group.

The Cooperation Framework was signed by Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications and Managing Director of the World Government Summit Organization, and Makhtar Diop, Managing Director of IFC.

Omar Sultan Al Olama, emphasized that “The World Government Summit’s future focus provides the ideal eco-system to break-away from conventional thinking and dialogue towards innovation and action”.

He also emphasized that this partnership, which builds on previous initiatives and programs, strengthens the Summit’s status as a global hub supporting intergovernmental collaborations and working closely with partners on vital fields building economic empowerment and sustainable growth.

The Cooperation Framework marks an important step in strengthening and formalizing institutional collaboration around projects that support entrepreneurship in the region and beyond.

Makhtar Diop noted: “We are thrilled to deepen our partnership with the World Government Summit to help women-led businesses thrive and unlock the tremendous entrepreneurial potential that lies in the Arab region.”

In the context of this cooperation, the two parties will support women-led startups as well as fund managers, incubators, and accelerators from over 20 countries in the Middle East and North Africa as part of the She WINS Arabia initiative, which was originally launched by IFC in the UAE in 2021.

The Cooperation Framework formalizes the commitment of the World Government Summit Organization and IFC towards enriching dialogue and collaboration on financing for the future, addressing development challenges and creating opportunities for all.