His Excellency Mohamed Bin Hadi Al Hussaini Meets the President of the New Development Bank

Published November 16th, 2021 - 11:36 GMT
His Excellency Mohamed Bin Hadi Al Hussaini Meets the President of the New Development Bank
During the event
Highlights
His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, met yesterday with Mr. Marcos Troyjo, President of the New Development Bank (NDB).

His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, met yesterday with Mr. Marcos Troyjo, President of the New Development Bank (NDB). The meeting took place at Expo 2020 Dubai, and was attended by His Excellency Younis Haji Al Khoori, Undersecretary of Ministry of Finance.

During the meeting, His Excellency Mohamed Bin Hadi Al Hussaini welcomed Mr. Marcos Troyjo, and stressed on the importance of the meeting and its impact on strengthening cooperation and strategic relations between both parties, especially in light of the capabilities and experience the UAE enjoys in supporting infrastructure projects and Sustainable Development Goals (SDGs). His Excellency said: “Through its membership in the New Development Bank, the UAE is keen to bolster cooperation with member countries to continue supporting development projects around the world, especially in emerging economies, to help them achieve sustainable development.”

The UAE joined the BRICS New Development Bank based on Cabinet Resolution No. (19) of 2021. His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs represents the UAE in the Board of Governors of the New Development Bank in his capacity as Governor, and His Excellency Younis Haji Al Khoori, Undersecretary of Ministry of Finance, as Alternate Governor. Abdullah Ahmed Al Obaidly, Director of Relations and International Financial Organisations at Ministry of Finance is also a member of the Board of Directors.

The New Development Bank (NDB) was established by BRICS (Brazil, Russia, India, China and South Africa) in July 2015. Headquartered in Shanghai, China, with a regional office in Johannesburg, the New Development Bank was established to mobilise resources – through loans, guarantees, and equity participation – for infrastructure and sustainable development projects in BRICS and other emerging economies, as well as in developing countries. NDB’s work complements the efforts of multilateral financial institutions, toward global growth and development, thereby contributing to collective commitments to achieve the goal of strong, sustainable and balanced growth.

Background Information

UAE Ministry of Finance

The UAE Ministry of Finance (MoF) is responsible for implementing all fiscal, monetary and industrial policies related to the UAE’s economic development. Among its core responsibilities are the preparation and allocation of the Federal Budget and the management of the government’s financial position.

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