UAE Participates in NDB Board of Governors Meeting to Advance Sustainable Investment

UAE, 1 November, 2024 : The UAE, represented by the Ministry of Finance, attended the 9th Annual Meeting of the New Development Bank (NDB) Board of Governors for BRICS countries on August 30 in Cape Town, South Africa. Themed “Investing in a Sustainable Future,” the meeting brought together leaders to discuss innovative financial systems and sustainable investment prospects.

The UAE delegation was led by His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs and UAE Governor for the NDB, along with Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organisations at the Ministry of Finance.

In his opening remarks, Al Hussaini emphasized the NDB's critical role in promoting sustainable development and infrastructure projects. He called for continued efforts to develop domestic capital markets and enhance private sector engagement.

The meeting highlighted the urgency of accelerating global sustainable investment, aligning efforts with the Sustainable Development Goals and the Paris Agreement on climate change. Discussions focused on financing sustainable development projects and sharing best practices.

Attendees included NDB Governors, Directors, representatives from member countries, financial institutions, and civil society organizations. The NDB, established by BRICS countries in 2014 and headquartered in Shanghai, has approved over 90 projects valued at approximately US$33 billion, supporting sectors such as transport, clean energy, and social infrastructure.

Source : www.mof.gov.ae