Mohamed Bin Hadi Al Hussaini participates in the 2022 EBRD-Annual Meeting of the Board of Governors
His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, participated in the 2022 European Bank for Reconstruction and Development (EBRD)-Annual Meeting of the Board of Governors, which was held virtually under the slogan ‘Partnering with Donors in Turbulent Times’ from 10 to 12 May 2022 in Marrakech, Morocco. The meeting sought to discuss the latest global repercussions, forecasts for global economic growth and its challenges, as well as means of combating climate change and enhancing the business environment in areas where EBRD invests.
His Excellency Younis Haji Al Khoori, Undersecretary of Ministry of Finance, His Excellency Ali Abdullah Sharafi, Assistant Undersecretary of the International Financial Relationship Sector at the Ministry of Finance, representatives from member countries, the Board of Directors, EBRD’s management, as well as representatives from the private sector and international media participated in the meeting.
During his intervention, His Excellency Mohamed Bin Hadi Hussaini thanked the Kingdom of Morocco for hosting the Annual meeting of the Board of Governors and extended his appreciation to the EBRD for their efforts in addressing the most critical current global challenges. “It is my pleasure to participate in this meeting, which is an important platform to exchange views about the various challenges facing the global economy and the investment opportunities provided by this platform. This through participating in economic and social development projects, especially that this is the first the UAE participates in the EBRD Annual Meeting of the Board of Governors since becoming an EBRD member in 2021," His Excellency said.
His Excellency noted that progress on the recovery is being challenged by the backdrop of rising geopolitical tensions. This led to rising uncertainty where the global economy is now more volatile, due to supply shortages and price increases. "Governments have taken various measures to expedite the road to recovery. However, the geopolitical tensions could potentially overturn such recovery gains made to date, especially regarding streamlining capital flows, investments, and global trade, among others,” His Excellency added.
His Excellency noted that the UAE played a key role in supporting the displaced Ukrainians in neighboring countries through providing financial and health aid packages, including tonnes of medical and relief supplies, and other humanitarian assistance to benefit civilians impacted by the Ukraine-Russia crisis.
His Excellency Mohamed bin Hadi Al Hussaini noted that the UAE is taking several steps to promote sustainability in all sectors, thus evolving as a hub for global sustainability through innovation, especially in clean energy sectors. "The EBRD’s Green Economy Transition Approach is a part of the bank's strategy and reflects the needs of its countries of operations and augmented focus on environmental sustainability."
His Excellency concluded his speech by emphasising that private-public sector collaborations are essential for an effective transition towards a green economy. His Excellency also noted that it is vital to activate dialogue with EBRD and other multilateral entities to integrate global efforts in this regard, as the UAE prepares for the 28th session of the Conference of the Parties (COP28), which will be held in 2023.
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.