Saudi Finance Minister addresses Development Committee of the

SPA - He pointed to the feasibility of forging technical solutions that reduce the impact of fossil energy and increase its being preferred as the most appropriate option to meet the energy needs of poor countries.

The minister welcomed the package of measures submitted to
the Development Committee aiming at enhancing the voting power of
developing countries, citing the addition of one more seat for the
African group at the WB's Board of Directors, bringing the number of
its seats to twenty-five. He also called for striving for a greater
balance in the representation of advanced and developed countries in
the World Bank Group, taking into account the global economic
changes, and the country-in-question's financing ability to support
development programs, the economic standing in the global system and
its impact on the stability of the world economy.
Concluding his speech, Al-Assaf cast light on the efforts
exerted by the WB to apply modifications on its strategic priorities
in line with the new economic developments, calling for greater
flexibility and caution in using the bank's potentials so that it
would become more responsive to the requirements and needs of
developing countries. He also pointed to the WB's interest in the
Arab world within the bank's strategic priorities.