World Bank Group to open office in Kuala Lumpur

The World Bank Group office in Kuala Lumpur will serve as a knowledge and research centre.

Second Finance Minister, Datuk Seri Ahmad Husni Hanadzlah, said the office, which would be located at Sasana Kijang, would enable Malaysia to share its development experience with other developing countries while benefitting from 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," Ahmad Husni said this at the ceremony to sign the agreement for the establishment of office.

He said the office would also undertake research in key development areas as well as global indicators for the World Bank Doing Business Report.

Malaysia was represented by Ahmad Husni and Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz. The World Bank was represented by its vice president for East Asia, Axel van Trotsenburg.

van Trotsenburg said the office, which would begin operation in the next two months, marked a new chapter in relationship between the World Bank and Malaysia.

He said there were many areas that developing countries could learn from Malaysia, especially in financial areas, including Islamic finance and financial stability as well as public 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.