UAE Allocates $200 Million To Support Low-Income Countries, Reduce Poverty
![](/wp-content/uploads/2023/10/uae-750x470.jpeg)
The UAE has said it will offer support to the Poverty Reduction and Growth Trust (PRGT), as part of its efforts to expand concessional financing for low-income countries.
Mohamed bin Hadi Al Hussaini, UAE Minister of State for Financial Affairs, announced the country will allocate $200m to PRGT at the International Monetary and Financial Committee (IMFC) meeting, organised on the sidelines of the World Bank Group (WBG)-International Monetary Fund (IMF) Annual Meetings, as reported by the state news agency, WAM.
The country participated in the WBG-IMF Annual Meetings held in Morocco, from October 9-15.
Founded in January 2010, PRGT addresses the challenges facing low-income countries. It is a key IMF vehicle that provides concessional funding (currently at zero interest) to low-income countries facing high inflation, persistent food insecurity, increasing debt risks, and high borrowing costs.
There are 69 nations that are eligible to receive funding from PRGT.