The World Bank Group and Saudi Arabia’s National Competitiveness Center (NCC) have inked a strategic partnership to create a worldwide knowledge center that will promote sustainable development and international cooperation.
The program aims to utilize the World Bank’s extensive experience in helping member nations accomplish their development objectives while exchanging knowledge from Saudi Arabia’s successful economic reforms.
World Bank Group President Ajay Banga and Minister of Commerce and NCC Chairman Dr. Majid Al-Qasabi were present at the signing event on Tuesday. Dr. Al-Qasabi emphasized how Crown Prince and Prime Minister Mohammed bin Salman has led the Kingdom through a revolutionary period of economic and development reforms.
He emphasized how the NCC’s creative Saudi competitiveness strategy has led to notable improvements in global competitiveness indices.
Dr. Al-Qasabi stressed that the knowledge hub will serve as an essential platform for countries to gain from the combined economic development expertise of the World Bank and Saudi Arabia, assisting them in becoming more competitive and achieving sustainable growth.
Ajay Banga, president of the World Bank, commended the “knowledge hub, which represents a significant stride toward broadening the scope of global knowledge and amplifying its influence, particularly amidst efforts to diversify economies and stimulate policies that foster a more competitive and efficient business environment.
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