Is this a case of location, location, location, or does Malaysia just need all the help it can get right now?
The World Bank Group, which has been working to eradicate poverty in struggling nations, will be opening its first Malaysian office in Kuala Lumpur, to serve as a knowledge and research centre.
The office will join the World Bank Group’s stable of more than 120 offices worldwide, with a staff of more than 10,000 people.
Second Finance Minister Ahmad Husni Hanadzlah told Bernama that the World Bank’s presence 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 stongly 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.
