Kolkata, India: The UAE has participated in the Global Partnership for Financial Inclusion (GPFI) meeting in the Finance Track of the G20 for 2023, which was held under India’s G20 Presidency from January 9 to January 11, 2023, in Kolkata, India.
The meeting discussed the GPFI work plan for 2023 and agreed on the financial inclusion action areas in accordance with the priorities of the Indian Presidency.
The UAE delegation included Ms. Mariam Al Hajri, deputy director of the General Budget Department at the Ministry of Finance, and Faiza Al-Awadi, head of Financial Consumer Protection at the Central Bank of the UAE.
During the meeting, the Ministry of Finance team expressed its appreciation for the invitation by the Indian presidency to participate in the G20 in 2023 and emphasised the significance of deploying digital infrastructure to promote financial inclusion. The team showcased the UAE’s experience in the provision of digital services, such as the UAE Pass (the national digital identity).
The UAE team further pointed out the importance of ensuring a balanced representation of regional organisations in the development process in planning for the upcoming Financial Inclusion Action Plan.
A financial inclusion symposium was also held on the sidelines of the meeting, where members shared their views on the proposed work plan for the GPFI.
In addition, the participants discussed the opportunities and challenges of digital financial inclusion, as well as best practices and innovative instruments to overcome challenges with SME financing.
G20 members, invited countries, GPFI members, and international organizations such as the World Bank and the Organisation for Economic Co-operation and Development (OECD) also attended the meeting.
The GPFI’s next meeting is expected to take place in March 2023, during which the members will review and evaluate the group’s progress.