The UAE participates in the 11th meeting of the Board of Governors of the New Development Bank in Moscow
Moscow, May 15 / WAM / The United Arab Emirates, represented by the Ministry of Finance, participated in the eleventh annual meeting of the Board of Governors of the New Development Bank, which was held on May 14 and 15, in the Russian capital, Moscow, under the slogan “Financing Development in the Age of Technological Revolution”, with the participation of senior government officials, ministers, members of the Bank’s Board of Directors, business leaders, development partners and experts.
His Excellency Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, confirmed that the UAE’s participation in the meeting reflects its commitment to supporting economic and development cooperation within the BRICS system, and enhancing the role of multilateral institutions in financing sustainable development, in line with the country’s trends towards building more diverse and effective international partnerships.
His Excellency added that the New Development Bank represents an important platform for enhancing cooperation between emerging markets and developing economies, and supporting development projects with a sustainable impact, noting that the UAE is keen to continue contributing to international efforts aimed at developing more efficient financing models that respond to development priorities.
His Excellency explained that the current stage requires strengthening the integration between development financing and long-term economic visions, in a way that supports the ability of countries to implement qualitative projects that contribute to raising levels of growth, improving the quality of life, and expanding opportunities for comprehensive and sustainable development.
His Excellency indicated that the UAE continues to work with its international partners to establish an approach based on constructive cooperation, exchange of experiences, and expansion of development partnerships, in a way that supports the role of the New Development Bank in serving the priorities of member states, and enhances its contribution to building a more balanced and sustainable global economy.
His Excellency Ali Abdullah Sharafi, Assistant Undersecretary for International Financial Relations at the Ministry of Finance, delivered a speech during the meetings, in which he stressed the UAE’s keenness to strengthen global economic cooperation, and support multilateral action and constructive dialogue to confront the challenges of growth and development, noting the country’s commitment to supporting long-term economic growth and sustainable development, and platforms that allow effective representation of emerging markets and developing economies, in addition to supporting an open, rules-based global trading system, which contributes to expanding opportunities for shared prosperity.
He expressed the UAE’s support for the theme of this year’s meeting, “Financing Development in the Age of Technological Revolution,” pointing out that the role of the New Development Bank, as a global development institution established by emerging markets and developing economies to serve their priorities, is gaining increasing importance to ensure that the benefits of innovation and modern technologies are more equitably distributed at the global level.
He explained that emerging technologies, especially artificial intelligence, provide broad opportunities to enhance sustainability, efficiency, flexibility and innovation in economies, noting that the New Development Bank can support member states in developing models that are more efficient in using resources and more appropriate for different national contexts, in addition to providing a platform for policy dialogue, enhancing research cooperation and dialogue on best practices, in light of the varying levels of technological development and regulatory frameworks among member states.
The agenda of this year’s annual meeting focused on strengthening the role of the New Development Bank as a development partner and a platform for exchanging knowledge between member states and beyond, in light of the rapid technological transformations taking place in the global economy, and the new requirements they impose on the development financing system, especially in emerging markets and developing economies.
The agenda included the main governors’ symposium of the New Development Bank, entitled “Financing Development in the Era of the Technological Revolution,” which discussed ways to develop development financing in light of accelerating technological change, and the role of development finance institutions in supporting infrastructure, innovation systems, and equitable access to technology, in addition to examining paths of global cooperation to promote sustainable development in member states.
The meetings included a number of specialized seminars on the experience and potential of using artificial intelligence in the financial sector, developing the virtual assets market, mechanisms for financing innovation by multilateral development banks, and attracting financing to technology companies and innovation development projects.
The discussions addressed the challenges facing emerging markets and developing economies in benefiting from the technological revolution, especially the limited local capabilities for innovation, and the need to mobilize broader financial and knowledge resources to adopt modern technologies and expand their scope comprehensively, in a way that reduces the risks of widening development gaps and supports building economies more able to adapt to global transformations.
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