Riga: 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), held in Riga, Latvia, from 5th to 7th June 2026. The meeting gathered senior officials, policymakers, and representatives of international financial institutions worldwide. The UAE delegation was led by Ali Abdullah Sharafi, Assistant Under-Secretary for International Financial Relations at the Ministry of Finance, along with a team of ministry specialists.
According to Emirates News Agency, the UAE's involvement underscores its dedication to enhancing collaboration with international financial and development institutions, supporting global efforts for economic stability and sustainable development, and strengthening multilateral actions and international partnerships to tackle pressing economic challenges. During a session titled "Advancing Economic Governance," Ali Abdullah Sharafi delivered a keynote address highlighting the global economic impacts of regional conflicts and emphasized the importance of international cooperation in securing market stability, strengthening supply chains, and ensuring energy and food security.
Sharafi highlighted the necessity for the Bank to expand its support for countries facing significant global economic challenges. He advocated leveraging EBRD's financial tools and technical expertise to promote renewable energy initiatives, diversify energy sources, and mitigate exposure to price volatility. He also emphasized collaboration with member countries to enhance financial and development policies, improve development financing efficiency, and support economic growth, job creation, and enhanced quality of life.
Food security and agricultural sustainability were central to Sharafi's remarks, as he urged for expanded technical assistance and innovative financing solutions. He called for intensified cooperation from member states and the international community to support vulnerable food systems. Additionally, Sharafi noted the importance of investing in digital infrastructure, which is crucial for sustainable growth and national competitiveness amid rapid digital transformation. Such investments should include high-speed telecommunications networks, cloud computing infrastructure, data centers, and emerging technologies like Artificial Intelligence (AI), which collectively drive innovation and enhance the efficiency of government services and private-sector performance.
The meeting's strategic agenda spanned three days, beginning with the official opening ceremony and the adoption of the agenda and regulatory reports. The second day featured the Board of Governors' plenary session and roundtable discussions on key global economic and development issues, including the Bank's role in stabilizing conflict-affected economies, future plans for EBRD activities in Ukraine, and strategic frameworks for advancing economic governance in the Bank's operational regions.