UAE: Ministry Of Finance And New Development Bank Host Workshop On Sustainable Development

The Ministry of Finance, in collaboration with the Independent Evaluation Office of the New Development Bank, hosted a pioneering technical workshop in Dubai. The event focused on sustainable development projects, covering evaluation, internal audit, compliance, and investigation. This workshop is the first of its kind in the region and aimed to share global best practices and explore future partnerships for knowledge-sharing and capacity-building.

Younis Haji AlKhoori, Undersecretary of the Ministry of Finance, highlighted the UAE's commitment to sustainable development. He described the workshop as a crucial platform for strengthening partnerships and exchanging knowledge among Global South nations. AlKhoori emphasised that investing in sustainable infrastructure is vital for comprehensive development.

The event attracted over 100 participants from government bodies, private sectors, and professional organisations. Experts from the New Development Bank and representatives from international entities like UN Women and the Asian Infrastructure Investment Bank were present. Diplomats from Russia, China, Bangladesh, and Algeria also attended.

The workshop featured three sessions. The first session covered the New Development Bank's evaluation policies and strategies. It included presentations on evaluating policies, strategies, projects, programmes, and tools. Emerging trends and innovative methodologies in independent evaluations were also discussed.

The second session delved into internal audit methodologies and processes. It highlighted global internal audit standards' implementation. The third session focused on compliance and investigation policies in infrastructure projects. It presented core principles from the Uniform Principles and Guidelines for International Investigation Conference.

Ashwani K. Muthoo, Director General of the Independent Evaluation Office at the New Development Bank, stated: "This workshop goes beyond the exchange of methodologies and best practices; it aimed to build the necessary capacity to ensure infrastructure projects deliver sustainable impact." He acknowledged UAE's pivotal role in supporting these efforts.

UAE's Role in Global Cooperation

The UAE joined the New Development Bank in October 2021 after its establishment in 2015. The bank aims to mobilise resources for infrastructure and sustainable development projects in developing economies and BRICS nations. Mohamed bin Hadi Al Hussaini represents UAE on the bank's Board of Governors.

The workshop concluded by discussing challenges and opportunities in sustainable infrastructure projects globally. Emphasis was placed on accurate evaluation and audit methodologies to ensure project success worldwide. The UAE remains committed to collaborating with international organisations for economic prosperity through sustainable development initiatives.

"The workshop has provided an important opportunity to foster dialogue and share experiences among Southern nations," said Younis Haji AlKhoori. "It supports capacity-building efforts in sustainable development." This sentiment reflects UAE's dedication to enhancing international cooperation for long-term sustainability goals.

With inputs from WAM