UAE Participates within the tenth Annual Meeting of the Board of Governors of the New Development Bank in Brazil – Ministry of Finance

The United Arab Emirates, represented by the Ministry of Finance, participated within the tenth Annual Meeting of the Board of Governors of the New Development Bank (NDB) of the BRICS group, held on 4–5 July in Rio de Janeiro, Brazil.

The UAE delegation included Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations on the Ministry of Finance; Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organisations on the Ministry of Finance and a Member of the NDB Board of Directors; and Hamad Issa Al Zaabi, Director of the Office of the Minister of State for Financial Affairs.

The assembly targeted on three key targets: reviewing the progress made by the New Development Bank since its inception; discussing future steps to boost its efficiency; and deliberating Board of Governors affairs alongside data trade amongst member international locations.

Enhancing Partnerships

H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, mentioned: “The UAE’s accession to BRICS opens new avenues for cooperation with the Bank, particularly through the development of strategic partnerships with development institutions and public and private sector stakeholders. These efforts will contribute to achieving sustainable growth among member states.

The expansion of the Bank’s membership is a clear sign of its rising international stature. As the Bank marks its tenth anniversary, this moment presents an opportunity to evaluate its achievements and reflect on its growing global role.”

H.E. Al Hussaini additionally highlighted the Bank’s success in diversifying its financing instruments, notably via native forex lending, and its efforts to boost non-public sector participation and broaden the funding base for international locations throughout the Global South. He famous that the admission of recent members marks an essential step in supporting the Bank’s mission to advertise higher illustration of rising economies within the international growth panorama.

Supporting BRICS Priorities

H.E. Al Hussaini affirmed that since becoming a member of BRICS, the UAE has remained dedicated to supporting the group’s priorities and increasing cooperation with its companions. He emphasised that the New Development Bank offers an efficient platform to develop strategic partnerships that contribute to inclusive and sustainable financial development throughout all member states.

The tenth Annual Meeting of the NDB was held within the presence of H.E. Dilma Rousseff, President of the New Development Bank, alongside members of the Bank’s Board of Governors. The programme featured a high-level opening session attended by senior officers from member international locations, adopted by a seminar titled “Building a Leading Development Finance Institution for the Global South.” The second day of the assembly was devoted to the Bank’s formal Board of Governors session.

The New Development Bank was established by BRICS international locations following an settlement on the Sixth BRICS Summit held in Fortaleza, Brazil, in 2014. The Bank is headquartered in Shanghai, China, with regional places of work in South Africa and India. Its mandate is to mobilise sources via loans, ensures, and fairness to finance infrastructure and sustainable growth initiatives in BRICS international locations, different rising markets, and growing economies. It enhances the efforts of multilateral growth finance establishments and contributes to driving robust, sustainable, and balanced international development.

The Bank focuses on key areas akin to infrastructure and sustainability. Since its inception, the NDB has authorised funding for greater than 120 initiatives with a complete worth of round USD 39 billion, overlaying sectors akin to transport, water and sanitation, digital and social infrastructure, and clear vitality.