Cape Town in (Union)
The UAE, represented by the Ministry of Finance, participated in the 9th Annual Meeting of the Board of Governors of the BRICS New Development Bank (NDB), held today in Cape Town, South Africa, under the title “Investing in a Sustainable Future.”
The UAE delegation participating in the meeting was headed by His Excellency Mohammed bin Hadi Al Hussaini, Minister of State for Financial Affairs, in his capacity as Governor, and included Thuraya Hamed Al Hashimi, Director of the International Financial Relations and Organizations Department at the Ministry of Finance, a member of the Board of Directors of the New Development Bank, and Group Director for the UAE, the Arab Republic of Egypt and the People’s Republic of Bangladesh.
The meeting agenda included organizing a number of sessions that reviewed innovative financial systems for sustainable development and prospects for sustainable investment, in addition to holding a meeting for leaders, decision-makers and specialists in the business sector, during which they discussed ways to enhance investment for a sustainable future.
In the UAE’s opening speech during the meeting, His Excellency Mohammed bin Hadi Al Hussaini stressed the importance of the New Development Bank’s role in promoting sustainable development and infrastructure projects in all member states, and the need for the New Development Bank to continue its efforts in developing local capital markets and enhancing private sector participation, in addition to the importance of cooperation with multilateral development banks.
During the meeting, the importance of accelerating sustainable global investment and taking the necessary measures to ensure a sustainable future was highlighted, in addition to emphasizing the need to commit to achieving the sustainable development goals and the 2015 Paris Agreement on climate change, in addition to focusing on financing sustainable development projects and exchanging best practices.
The meeting was attended by the governors and directors of the New Development Bank, representatives of member states, representatives of international financial institutions, private sector leaders, in addition to representatives of civil society organizations and non-governmental organizations.
The meeting included dialogue sessions and keynote speeches, during which participants discussed initiatives aimed at addressing critical social and environmental issues, in addition to reviewing best practices aimed at adopting new factors that help achieve sustainable growth.
The participants stressed their keenness to develop effective means of cooperation to contribute to building a more sustainable and prosperous future.
It is noteworthy that the New Development Bank was established by the BRICS countries following an agreement at the Sixth BRICS Summit held in the Brazilian city of Fortaleza in 2014. Its headquarters are located in Shanghai, China, and it has regional offices in both South Africa and India.
The Bank aims to mobilize resources through loans, guarantees and equity to finance infrastructure and sustainable development projects in BRICS countries and other emerging economies as well as in developing countries, complement the efforts of multilateral financial institutions for global development, and contribute to supporting collective commitments to drive strong, sustainable and balanced growth.
The New Development Bank focuses on key areas such as financing infrastructure projects and achieving sustainable development. Since its establishment, it has approved financing more than 90 projects with a total value of about $33 billion. These projects fall within many sectors including transportation, water and sanitation, digital and social infrastructure, and clean energy.
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