Latest news with #developmentpartnerships
Zawya
6 days ago
- Business
- Zawya
UAE participates in the 10th annual meeting of the Board of Governors of the New Development Bank in Brazil
Deliberations on Board of Governors affairs and exchange of knowledge among member countries H.E. Mohamed bin Hadi Al Hussaini: Expanding membership strengthens development partnerships across the Global South The UAE supports BRICS priorities and seeks to broaden collaboration with its partners Rio de Janeiro, Brazil: 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 4–5 July 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. Enhancing Partnerships H.E. Mohamed bin Hadi Al Hussaini, 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.' H.E. 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. Supporting BRICS Priorities H.E. 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 NDB was held in the presence of H.E. Dilma Rousseff, President of the New Development Bank, 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 NDB has approved funding for more than 120 projects with a total value of around USD 39 billion, covering sectors such as transport, water and sanitation, digital and social infrastructure, and clean energy.
Zawya
07-05-2025
- Business
- Zawya
President of Malawi receives Abdullah bin Zayed
Dr. Lazarus McCarthy Chakwera, President of Malawi, received H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, in the presence of Nancy Tembo, Minister of Foreign Affairs of Malawi, at the beginning of Sheikh Abdullah's working visit to the capital, Lilongwe. During the meeting, H.H. Sheikh Abdullah conveyed the greetings of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, to the Malawian President, along with their wishes for development and prosperity for the Republic of Malawi and its people. For his part, President Chakwera conveyed his greetings to His Highness Sheikh Mohamed bin Zayed, His Highness Sheikh Mohammed bin Rashid and His Highness Sheikh Mansour bin Zayed, and his wishes for further progress and prosperity for the UAE. H.H. Sheikh Abdullah and President Chakwera discussed opportunities to enhance bilateral cooperation across various fields, particularly in the economic, commercial, investment and development sectors, in addition to other areas of mutual interest. His Highness affirmed that the UAE attaches great importance to strengthening bridges of cooperation with Malawi and establishing effective development partnerships that support both countries' aspirations for sustainable growth and prosperity. He also highlighted the UAE's commitment to deepening its partnerships, especially economic ones, with all friendly African countries. H.H. Sheikh Abdullah expressed his pride in visiting Malawi and meeting President Chakwera, and extended his appreciation for the warm welcome and generous hospitality. Following the meeting, Sheikh Abdullah and the Malawian President witnessed the signing of five Memoranda of Understanding (MoUs) between the two countries. The first MoU, between the Anwar Gargash Diplomatic Academy and the Ministry of Foreign Affairs of Malawi, focuses on diplomatic training and was signed by Sheikh Shakhboot bin Nahyan Al Nahyan, Minister of State, and the Malawian Minister of Foreign Affairs. The second MoU, in the field of investment between the two countries, was signed by Sheikh Shakhboot bin Nahyan and Vitumbiko Mumba, Minister of Trade and Industry in Malawi. The third MoU, concerning investment cooperation in the minerals sector, was signed between the governments of the UAE and Malawi by Sheikh Shakhboot bin Nahyan Al Nahyan, Minister of State, and Kenneth Zikhale Ng'oma, Minister of Mining in Malawi. Furthermore, the fourth MoU, focusing on cooperation in the digital learning initiative, was signed between the Digital School, an initiative of the Mohammed bin Rashid Al Maktoum Global Initiatives, and the Government of Malawi by Sheikh Shakhboot bin Nahyan and Nancy Tembo. The fifth MoU, signed by Sheikh Shakhboot bin Nahyan and Vitumbiko Mumba, was between the Federation of UAE Chambers of Commerce and Industry and Malawi's Ministry of Trade and Industry, and pertains to the establishment of the joint UAE-Malawian Business Council. The meeting was attended by Sheikh Shakhboot bin Nahyan Al Nahyan, Minister of State, Saeed Mubarak Al Hajeri, Assistant Minister of Foreign Affairs for Economic and Trade Affairs, and Khalifa Abdulrahman Al Marzouqi, UAE's Non-Resident Ambassador to Malawi. Distributed by APO Group on behalf of United Arab Emirates, Ministry of Foreign Affairs.
