Washington: Minister of Electricity, Water and Renewable Energy, and Acting Minister of Finance and Minister of State for Economic and Investment Affairs Sabeeh Al-Mukhaizeem took part on Wednesday in the joint meeting between President of the World Bank Group (WBG) Ajay Banga and the Arab Governors at the group. According to Kuwait News Agency, the meeting discussed issues prioritized by Arab countries, such as rebuilding and recovery in post-conflict regions and achieving a balance in climate financing between adaptation and mitigation. The focus was also on the support by WBG to integrate digital transformation in labor market strategies to prepare the workforce for future jobs. On the topic of labor markets, Banga highlighted that in the next decade, approximately 1.2 billion youth will enter these markets, necessitating the provision of job opportunities. He emphasized that 90 percent of jobs are created by the private sector, with significant contributions from other sectors like infrastructure and he althcare. The meeting also addressed the rebuilding of Gaza, evaluated at USD 53 billion, according to WBG estimates. In addition, it welcomed the return of Syria as an active World Bank member after it settled its financial arrears. The conferees called for diversification and inclusiveness within the WBG by increasing representation of Arab efficiencies at various levels. The meeting was held on the sidelines of Kuwait's participation in the annual meetings of the international financial institutions of the Boards of Governors of the WBG and the International Monetary Fund, taking place in Washington from October 14 to 18.
