The UAE’s Ministry of Finance has participated in the 9th Annual Meeting of the New Development Bank (NDB) Board of Governors for BRICS countries.
The meeting, held at Cape Town, South Africa, revolved around the theme “Investing in a Sustainable Future.” Leaders, decision-makers, and business professionals gathered to explore ways to enhance investment for shaping a bright sustainable future.
The UAE delegation was headed 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 Organizations 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 meeting focused on accelerating the pace towards a sustainable future. It also underscored the Sustainable Development Goals and the 2015 Paris Agreement on climate change, exploring financing for sustainable development projects, and sharing best practices to drive collective impact.
Mohamed bin Hadi Al Hussaini emphasized the NDB’s role in driving sustainable development and infrastructure projects across member countries. Al Hussaini also highlighted the significance of the NDB to continue its efforts in developing domestic capital markets, strengthening private sector involvement, and fostering strategic partnerships with other multilateral development banks (MDBs).
NDB Governors, NDB Directors, representatives from member countries, financial institutions, private sector leaders, civil society organizations, and non-governmental organizations attended the meeting. The sessions discussed on cooperative initiatives to address critical social and environmental issues. Participants reaffirmed their commitment to develop effective collaboration methods for a sustainable and prosperous future.
The NDB was founded 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 finances infrastructure and sustainable development projects in BRICS countries, other emerging economies, and developing countries through loans, securities, and equity investments.
Since its establishment, the NDB has supported over 90 projects with a total value of approximately $33 billion, spanning across various sector, including transport, water and sanitation, digital and social infrastructure, and clean energy.
