The United Arab Emirates, represented by the Ministry of Finance, participated in the annual meeting of the Board of Governors of the European Bank for Reconstruction and Development (EBRD), hosted by the city of Riga, capital of the Republic of Latvia, from 5 to 7 June, with the participation of senior officials, decision-makers, and representatives of international financial institutions from around the world. The UAE was represented at the meetings by Ali Abdullah Sharafi, Assistant Undersecretary for International Financial Relations at the Ministry of Finance, alongside a number of Ministry specialists.
The UAE's participation in these meetings reflects its commitment to strengthening cooperation with international financial and development institutions, and supporting efforts aimed at enhancing economic stability and sustainable development at the global level, as well as affirming its commitment to multilateral action and fostering international partnerships aimed at addressing global economic challenges.
Ali Abdullah Sharafi delivered the UAE's statement during the session on "Strengthening Economic Governance", in which he addressed the global economic repercussions of regional conflicts and the importance of enhancing international cooperation to ensure the stability of global markets, supply chains, and energy and food security. He stressed the importance of the Bank continuing to strengthen its support for countries most affected by global economic challenges, through deploying its financing tools and technical expertise to support energy projects — particularly renewable energy — to diversify sources and reduce volatility in consumption prices, as well as developing financial and development systems and policies with member states to deploy financing efficiently, thereby contributing to economic growth, job creation, and improved quality of life for peoples.
He further emphasised the importance of enhancing food security and the sustainability of the agricultural sector by expanding the scope of technical support and innovative financing solutions, calling on member states and the international community to intensify cooperation in support of food systems most vulnerable to challenges.
He also affirmed that investment in digital infrastructure has become a fundamental pillar for achieving sustainable growth and enhancing countries' competitiveness amid the accelerating global digital transformation, noting that these efforts are aligned with shared global orientations aimed at building interconnected and more resilient digital economies. Such investment encompasses the development of high-speed communications networks, cloud computing, and data centres, in addition to emerging technologies such as artificial intelligence, contributing to the support of innovation and improving the efficiency of government services and the private sector.