Ladies and Gentlemen,
I am honored to be here today and would like to thank the South African government for the warm hospitality and for hosting the 9th Annual Meeting of the Board of Governors of the New Development Bank.
I would also like to acknowledge the remarkable work of the New Development Bank. The NDB has been influential in promoting sustainable development and infrastructure projects across the member countries. The UAE fully supports the ongoing efforts to expand the Bank’s membership.
Within the NDB framework, one of our key priorities is the promotion of local currency lending. This priority is vital for diversifying the Bank’s funding sources, offering better pricing mix to its borrowers by mitigating exchange rate risks.
Furthermore, private sector participation in NDB projects plays an important role in driving innovation and economic growth. In this light, the UAE encourages the NDB to continue fostering partnerships with private enterprises. We also commend the NDB for its proactive approach in implementing the Capital Adequacy Framework recommendations. By actively shifting the risk appetite definition toward shareholder-defined limits, the NDB has taken a critical step towards increasing its lending headroom.
As we look into the future, it is imperative that the NDB continue its collaborative efforts with other MDBs in the areas of co-financing and knowledge sharing. By working together, the NDB can amplify its impact and drive sustainable development on a global scale.
Thank you once again to the South African government for hosting this event, and to the NDB for your unwavering commitment to our shared goals. I look forward to our continued collaboration and the positive outcomes it will bring. Thank you.