SAMARKAND, UZBEKISTAN – The UAE, represented by the Ministry of Finance (MoF), participated in the 2023 Annual Meeting of the Board of Governors of the European Bank for Reconstruction and Development (EBRD) here on May 16-18.
The meeting discussed global economic challenges and prospects for economic growth.
The UAE delegation included Younis Haji Al Khoori, Under-Secretary of Ministry of Finance; Thuraiya Hamed AlHashmi, Director of the International Tax Department at the Ministry of Finance; as well as senior officials from MoF.
Representatives of member states, the Board of Directors and the bank’s management, representatives of the private sector and international media also attended the meeting.
Al Khoori said, “The EBRD’s contributions have been essential in supporting countries to overcome economic challenges and promote sustainable development.”
He said, “We encourage the EBRD to continue exploring opportunities to optimize its capital capacity in line with the recommendations of G20 Independent Review of MDB’s Capital Adequacy Frameworks.”
He added that it is imperative for the EBRD to continue to prioritize providing strategic support for enhancing economic resilience in countries in need, particularly where uncertainties have escalated to have global repercussions.
Al Khoori said that the focus should be on strengthening competitiveness and good governance against inefficiencies in the public sector, supporting the adoption of best operational and management practices, including reemphasizing support for SMEs.
He said that focus should be on enhancing regional and global integration to facilitate trade and investment and to foster closer economic cooperation.
He added, “I also would like to emphasize the EBRD and the UAE’s shared vision for fostering global economic stability, underlining our common commitment to global prosperity and sustainable development.”
Al Khoori said, “The UAE has effectively implemented various humanitarian and development endeavors across 170 nations, totaling over US$3.5 billion which builds on the country’s globally leading status in official development assistance.”
He said, “As evident by these priorities, establishing and enhancing collective action to ensure the greatest degree of preparedness for global challenges is of paramount importance.”
He expressed the UAE’s dedication to mitigating the effects of climate change, and for the country’s collaboration with the EBRD to promote multilateral cooperation to unlock climate finance.
Al Khoori said, “During COP28, we will look forward to welcoming our EBRD colleagues and fellow governors to the UAE for us to jointly address these issues with resolve and collaboration for a sustainable and prosperous future for all.”
He also met with senior officials from the EBRD and other organizations.
The meetings sought to review the support provided by the EBRD to SMEs in developing countries, showcase the UAE’s international efforts to support the sector around the world, and explore potential areas of collaboration.