UAE Joins 11Th New Development Bank Governors Meeting In Moscow

(MENAFN- Mid-East Info)

Discussions centred on development financing in an era of technological revolution and the role of multilateral institutions in supporting emerging economies Emphasis placed on harnessing technology and artificial intelligence to advance sustainable development and enhance financing efficiency

Mohamed bin Hadi Al Hussaini: The UAE remains steadfast in its commitment to championing international efforts aimed at developing more efficient financing models aligned with evolving development priorities

The United Arab Emirates, represented by the Ministry of Finance, participated in the 11th Annual Meeting of the Board of Governors of the New Development Bank (NDB), held in Moscow, Russian Federation, from 14 to 15 May under the theme“Development Financing in an Era of Technological Revolution”.

The meeting brought together senior government officials, ministers, members of the NDB's Board of Directors, business leaders, development partners, experts, and media representatives from around the world, to discuss the future of development finance amid rapid technological transformation.

Bolstering Multilateral Cooperation:

H.E. Mohamed bin Hadi Al Hussaini affirmed that the UAE's participation in the 11th Annual Meeting of the NDB's Board of Governors reflects the country's steadfast commitment to advancing economic and development cooperation within the BRICS framework, while reinforcing the role of multilateral institutions in financing sustainable development. He noted that this approach is fully aligned with the UAE's vision to foster more diversified, resilient, and impactful international partnerships.

Al Hussaini added that the NDB is a vital platform for deepening cooperation among emerging markets, and for supporting development projects delivering sustainable impact. He stressed that the UAE remains committed to contributing to international efforts aimed at designing financing models that are more efficient, agile, and responsive to evolving development priorities.

Al Hussaini further noted that the evolving global landscape requires closer integration between development financing and long-term economic strategies to help countries deliver high-impact projects that stimulate growth, improve quality of life, and expand opportunities for inclusive and sustainable development.

He also underscored the UAE's commitment to strengthening cooperation with international partners, expanding development partnerships, and reinforcing the NDB's role in supporting member states' priorities and advancing a more resilient and sustainable global economy.

Promoting Growth and Sustainable Development:

During the meetings, H.E. Ali Abdullah Sharafi delivered a speech in which he reiterated the UAE's commitment to strengthening global economic cooperation and advancing multilateral action and constructive dialogue to address development and growth challenges.

He reaffirmed the country's dedication to supporting long-term economic growth and sustainable development, as well as platforms that ensure meaningful representation for emerging markets and developing economies, alongside support for an open, rules-based global trading system that broadens opportunities for shared prosperity.

He also expressed the UAE's support for this year's theme,“Development Financing in an Era of Technological Revolution”, noting that the NDB's role as a development institution established by emerging markets and developing nations is becoming increasingly important in ensuring broader and more equitable access to innovation and advanced technologies.

His Excellency further noted that emerging technologies, particularly artificial intelligence, are creating new opportunities to improve economic resilience, efficiency, and sustainability.

He explained that the New Development Bank can support member states in developing more resource-efficient models that are better aligned with varying national contexts, while also providing a platform for policy dialogue, strengthening research collaboration, and fostering discussions on best practices, particularly in light of the differing levels of technological advancement and regulatory frameworks among member countries.

Knowledge Exchange:

This year's agenda underscored the NDB's growing role as both a development partner and a platform for knowledge exchange among member states and beyond, amid rapid technological transformation reshaping the global economy and redefining development financing needs, particularly across emerging markets and developing economies.

The agenda featured the NDB Governors Seminar, titled“Development Financing in an Era of Technological Revolution”, which examined how rapid technological change is reshaping development finance and the role of multilateral institutions in supporting infrastructure, innovation, and wider access to technology. Discussions also explored ways to strengthen global cooperation in support of sustainable development across member states.

The event also hosted a series of specialised seminars focusing on the experience and future potential of artificial intelligence in the financial sector, the development of virtual asset markets, mechanisms for financing innovation through multilateral development banks, and strategies for attracting investment into technology companies and innovation-driven projects.

Discussions also highlighted the challenges facing emerging markets and developing economies in fully benefiting from technological transformation, including limited domestic innovation capacity and the need for stronger financial and technical support to expand the adoption of advanced technologies. Participants stressed that such efforts are essential to narrowing development gaps and building more resilient economies amid rapid global transformation.

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