The UAE, represented by the Ministry of Finance, participated in the 9th Annual Meeting of the New Development Bank (NDB) Board of Governors for BRICS nations on 30th August in Cape Town, South Africa. The meeting, themed “Investing in a Sustainable Future,” saw Mohamed bin Hadi Al Hussaini, UAE Minister of State for Financial Affairs and UAE Governor for the NDB, leading the delegation, with Thuraiya Hamid Alhashmi, Director of the International Financial Relations and Organisations Department at the Ministry, also in attendance.
The agenda included discussions on innovative financial frameworks and sustainable investment strategies. Sessions featured leaders, decision-makers, and experts exploring ways to boost investment for a sustainable future. In his opening remarks, Al Hussaini stressed the NDB’s crucial role in promoting sustainable development and infrastructure projects within member countries, urging the bank to continue its efforts in developing domestic capital markets, fostering private sector engagement, and enhancing collaboration with other multilateral development banks.
The meeting emphasised the importance of accelerating global sustainable investments, aligning with the Sustainable Development Goals and the 2015 Paris Agreement, and taking decisive actions to ensure a sustainable future. The event brought together NDB Governors, Directors, representatives from member countries, financial institutions, and private sector leaders, who discussed cooperative initiatives and shared best practices for addressing key social and environmental challenges.
Established by BRICS countries at the sixth BRICS Summit in Fortaleza, Brazil, in 2014, the NDB is headquartered in Shanghai, with regional offices in South Africa and India. The bank mobilises resources through loans, securities, and equity investments to finance infrastructure and sustainable development projects in BRICS nations and other emerging and developing countries. Since its inception, the NDB has approved over 90 projects worth approximately $33B.
