The United Arab Emirates committed today, Friday, to provide 735 million dirhams (equivalent to 200 million US dollars) to enhance climate resilience in countries most vulnerable to the impacts of climate change and low-income countries, following a previous pledge of a similar amount for the same purpose during the meetings of the IMF and World Bank group last October in Marrakech.

Dr. Sultan Ahmed Al Jaber, President of COP28 and UAE Minister of Industry and Advanced Technology – according to the Emirates News Agency "WAM" – confirmed that the leadership of the UAE is proactive in supporting countries and communities most affected by the impacts of climate change and strengthening international cooperation to ensure tangible progress in global climate action concurrently with achieving sustainable development for all.

Today's announcement comes in the form of Special Drawing Rights pledged to the "Resilience and Sustainability Trust" of the "International Monetary Fund," which is a trust fund providing financing on concessional terms and with long-term maturities, aiming to enhance climate resilience and support pandemic preparedness, especially for middle- and low-income economies and countries most vulnerable to climate change impacts. Special Drawing Rights are stable reserve assets linked to a basket of five currencies: the US dollar, euro, Chinese renminbi, Japanese yen, and British pound. IMF members can exchange them for currency usable in a country when needed.

About three-quarters of IMF member countries are eligible to receive funding from the Resilience and Sustainability Trust, including low- and middle-income member countries and small developing island states. The trust has so far received over 40 billion US dollars in Special Drawing Rights pledges and approvals for 11 countries to receive this funding.