UAE participates in meeting of NDB Board of Governors

The UAE, represented by the Ministry of Finance, participated in the 9th Annual Meeting of the New Development Bank (NDB) Board of Governors for BRICS countries, held on 30th August in Cape Town, South Africa, under the theme “Investing in a Sustainable Future.”

The UAE delegation was led by Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs and UAE Governor for the NDB, and Thuraiya Hamid Alhashmi, Director of the International Financial Relations and Organisations Department at the UAE Ministry of Finance, member of the board of directors of NDB and a Constituency Director representing the UAE, Egypt, and Bangladesh.

The agenda of the Meeting included presentations on innovative financial systems for sustainable development and prospects for sustainable investment. The meeting featured sessions with leaders, decision-makers, and business professionals who discussed ways to enhance investment for a sustainable future. In his opening remarks, Mohamed Bin Hadi Al Hussaini highlighted the NDB’s crucial role in advancing sustainable development and infrastructure projects across member countries.

He also stressed the need for the NDB to continue its efforts in developing domestic capital markets, fostering private sector involvement, and collaborating with other MDBs.The meeting underscored the importance of accelerating global sustainable investment and taking necessary actions to ensure a sustainable future. It also emphasised aligning with the Sustainable Development Goals and the 2015 Paris Agreement on climate change, focusing on financing sustainable development projects, and exchanging best practices.Attendees included NDB Governors, NDB Directors, representatives from member countries, financial institutions, private sector leaders, civil society organisations, and non-governmental organisations.

The sessions featured discussions on cooperative initiatives aimed at addressing critical social and environmental issues and showcased best practices for adopting new factors that support sustainable growth. Participants expressed their commitment to developing effective collaboration methods to build a more sustainable and prosperous future.The NDB was established by BRICS countries following an agreement at the sixth BRICS Summit in Fortaleza, Brazil, in 2014.

Headquartered in Shanghai, China, with regional offices in South Africa and India, the NDB mobilises resources through loans, securities, and equity investments to finance infrastructure and sustainable development projects in BRICS countries, other emerging economies, and developing countries. It complements the efforts of other multilateral financial institutions in global development and supports collective commitments towards robust, sustainable, and balanced growth. Since its inception, the NDB has approved over 90 projects with a total value of approximately $33 billion, covering sectors such as transport, water and sanitation, digital and social infrastructure, and clean energy.