Is this a sign of an improvement in the fledgling economy, or Malaysia is in financial apocalypse and they’re trying to drop us the hint subtly?
In its aim to eradicate poverty in struggling nations, The World Bank Group will be opening its first Malaysian office in Kuala Lumpur, which will serve as a knowledge and research centre.
With a staff of 10,000-strong, Â the office will join the World Bank Group’s stable of more than 120 offices worldwide.
Second Finance Minister Ahmad Husni Hanadzlah told Bernama that the World Bank’s curtain-raiser in the country would allow Malaysia to share its experience in development with other developing nations, and also offers the chance to learn from the World Bank’s international experience and expertise.
“Malaysia has achieved significant progress, among others, in reducing poverty, creating a business-friendly environment, developing small and medium enterprises, ensuring financial stability and promoting Islamic finance,” he said.
The World Bank’s vice president for East Asia, Axel von Trotsenburg said developing countries have a lot to learn from Malaysia’s finance industry, particularly its foray into Islamic finance.
“I think Malaysia is blessed by a strong financial system and strongly capitalised banking system and if you were to compare how Malaysia has revived after the international financial crisis in 2008, I think it will be the envy of the world,” he said. MYNEWSHUB.CC