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), which was held in Samarkand, Uzbekistan, from 16 to 18 May. The meeting discussed global economic challenges and prospects for economic growth.

The UAE delegation included His Excellency Younis Haji Al Khoori, Undersecretary 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, as well as a number of representatives of the private sector and international media also attended the meeting.

During his intervention, His Excellency Younis Haji Al Khoori expressed his appreciation for the Republic of Uzbekistan for hosting the meeting, which serves as a platform that brings forward important discussions regarding global economic developments. His Excellency said: “The EBRD’s contributions have been essential in supporting countries to overcome economic challenges and promoting sustainable development. We encourage the EBRD to continue exploring opportunities to optimise its capital capacity in line with the recommendations of G20 Independent Review of MDB’s Capital Adequacy Frameworks.”

His Excellency also noted that it is imperative for the EBRD to continue to prioritise providing strategic support for enhancing economic resilience in countries in need, particularly where uncertainties have escalated to produce exacerbated global repercussions. His Excellency mentioned 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 reemphasising support for SMEs, as well as enhancing regional and global integration to facilitate trade and investment, and to foster closer economic cooperation.

His Excellency added: “I also would like to emphasise the EBRD and the UAE’s shared vision for fostering global economic stability, underlining our common commitment to global prosperity and sustainable development.”

His Excellency also stated: “In recent years, as a prominent figure in humanitarian aid, the UAE has effectively implemented various humanitarian and development endeavors across 170 nations, totaling more than $3.5 billion which builds on the UAE’s globally leading status in official development assistance. As evident by these priorities, establishing and enhancing collective action to ensure the greatest degree of preparedness for global challenges is of paramount importance.”

When he concluded his remarks, His Excellency 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. “During COP28, we will look forward to welcoming our EBRD colleagues and fellow governors to the UAE for us to jointly address these issues, where it will be imperative that we prioritise and address them with resolve and collaboration for a sustainable and prosperous future for all,” His Excellency said.

On the sidelines of the meetings, His Excellency Al Khoori met with senior officials from the EBRD. His Excellency met with Andres Barragan, Deputy Director General for Multilateral Financial Institutions; Enrique Alejo, Alternate Director for Spain, Mexico and UAE at EBRD; Hannah Meadley-Roberts, Managing Director, Human Resources and Organisational Development; Dina Matta, Vice President and Chief Transformation Officer; and Victoria Wickenden, Associate Director, Head Bilateral, Shareholder Special Fund (SSF). The meetings sought to review the support provided by the EBRD to SMEs in developing countries, showcase the UAE’s international efforts to support SMEs around the world, and explore potential areas of collaboration.