UAE participates in New Development Bank 10th board of governors annual meeting in Brazil
RIO DE JANEIRO, BRAZIL (WAM)
The United Arab Emirates, represented by the Ministry of Finance, participated in the 10th annual meeting of the board of governors of the New Development Bank (NDB) of the BRICS group, held on July 4–5 in Rio de Janeiro, Brazil. The UAE delegation included Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at the Ministry of Finance; Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organisations at 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 meeting focused on three key objectives - reviewing the progress made by the New Development Bank since its inception; discussing future steps to enhance its performance; and deliberating board of governors affairs alongside knowledge exchange among member countries.Mohamed bin Hadi Al Hussaini, UAE Minister of State for Financial Affairs, said: '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.'Al Hussaini also highlighted the bank's success in diversifying its financing tools - particularly through local currency lending - and its efforts to enhance private sector participation and broaden the funding base for countries across the Global South. He noted that the admission of new members marks an important step in supporting the bank's mission to promote better representation of emerging economies in the global development landscape.Al Hussaini affirmed that since joining BRICS, the UAE has remained committed to supporting the group's priorities and expanding cooperation with its partners. He emphasised that the New Development Bank provides an effective platform to develop strategic partnerships that contribute to inclusive and sustainable economic growth across all member states.The 10th annual meeting of the bank was held in the presence of Dilma Rousseff, President of the New Development, alongside members of the bank's board of governors.The programme featured a high-level opening session attended by senior officials from member countries, followed by a seminar titled 'Building a Leading Development Finance Institution for the Global South.' The second day of the meeting was dedicated to the bank's formal board of governors session.The New Development Bank was established by BRICS countries, following an agreement at the sixth BRICS Summit held in Fortaleza, Brazil, in 2014. The bank is headquartered in Shanghai, China, with regional offices in South Africa and India.Its mandate is to mobilise resources through loans, guarantees, and equity to finance infrastructure and sustainable development projects in BRICS countries, other emerging markets, and developing economies. It complements the efforts of multilateral development finance institutions, and contributes to driving strong, sustainable, and balanced global growth.
The bank focuses on key areas such as infrastructure and sustainability. Since its inception, the bank has approved funding for more than 120 projects with a total value of around $39 billion, covering sectors such as transport, water and sanitation, digital and social infrastructure, and clean energy.
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