UAE Engages In NDB's 9th Annual Meeting To Propel Sustainable Investment

The UAE, represented by the Ministry of Finance, took part in the 9th Annual Meeting of the New Development Bank (NDB) Board of Governors for BRICS countries. This event occurred 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. Accompanying him was Thuraiya Hamid Alhashmi, Director of the International Financial Relations and Organisations Department at the UAE Ministry of Finance. She is also a member of the board of directors of NDB and a Constituency Director representing the UAE, Egypt, and Bangladesh.

The meeting's agenda included presentations on innovative financial systems for sustainable development and future investment prospects. Sessions featured leaders, decision-makers, and business professionals discussing 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 emphasised the need for the NDB to continue developing domestic capital markets, fostering private sector involvement, and collaborating with other multilateral development banks (MDBs).

The meeting underscored 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. The focus was on financing sustainable development projects and exchanging best practices.

Attendees included NDB Governors, Directors, representatives from member countries, financial institutions, private sector leaders, civil society organisations, and non-governmental organisations. Discussions centred on cooperative initiatives addressing critical social and environmental issues while showcasing best practices for adopting new factors supporting sustainable growth.

NDB's Role in Global Development

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, it mobilises resources through loans, securities, and equity investments to finance infrastructure and sustainable development projects in BRICS countries as well as other emerging economies and developing nations.

Since its inception, the NDB has approved over 90 projects valued at approximately US$33 billion. These projects span sectors such as transport, water and sanitation, digital and social infrastructure, and clean energy. The bank complements efforts by other multilateral financial institutions to support collective commitments towards robust, sustainable growth.

Participants expressed their commitment to developing effective collaboration methods to build a more sustainable future. The sessions featured discussions on cooperative initiatives aimed at addressing critical social and environmental issues.

The meeting highlighted that enhancing investment for a sustainable future is essential. Leaders stressed aligning with global sustainability goals while focusing on financing development projects that promote long-term growth.

With inputs from WAM