Ministry of Finance, New Development Bank co-organise high-level technical workshop

The Ministry of Finance, in partnership with the Independent Evaluation Office of the New Development Bank (founded by the BRICS countries), co-organised a high-level technical workshop in Dubai under the theme “Learning from global experiences on approaches and practices for sustainable development projects: evaluation, internal audit, compliance and investigation”, which is the first of its kind in the region.

The workshop discussed global best practices in evaluation and internal audit as well as policies and procedures related to compliance and investigations in infrastructure projects. It explored future partnerships in knowledge-sharing, South-South cooperation, and capacity-building in audit and evaluation.

The event was attended by Younis Haji AlKhoori, Undersecretary of the Ministry of Finance; Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at MoF; Hamad Essa Al Zaabi, Director of the Office of the Minister of State for Financial Affairs; and Thuraiya Hamid Alhashimi, Director of International Financial Relations and Organisations at MoF and Board Member of the New Development Bank, Noora Ayoob, Director of the Internal Audit Department.

The event also witnessed the participation of more than 100 attendees from government entities, the private sector, and professional organisations in the country, alongside a distinguished group of experts and specialists from the New Development Bank.

Additionally, representatives from international entities such as the UN Women, UN World Food Programme and the Asian Infrastructure Investment Bank were present, along with diplomats from the embassies of Russia, China, Bangladesh, and Algeria in the UAE.

In his opening remarks, Younis Haji AlKhoori stressed that the workshop aimed to support the UAE’s efforts to drive sustainable development, describing it as a vital platform for strengthening partnerships and fostering knowledge exchange among nations of the Global South.

He reaffirmed that the UAE attaches utmost attention to enhancing international cooperation and achieving sustainable development goals, adding that the UAE strongly supports the New Development Bank’s efforts to build infrastructure that drives long-term sustainability and prosperity.

“The workshop has provided an important opportunity to foster dialogue and share experiences among Southern nations,” said the Undersecretary. “It supports capacity-building efforts in sustainable development and reflects our commitment to collaborating with international organisations to develop infrastructure and achieve economic prosperity for all. Investment in sustainable infrastructure is key to achieving comprehensive development, and this workshop has proven to be an invaluable platform for sharing expertise in this essential field.”

Meanwhile, Ashwani K. Muthoo, Director General of the Independent Evaluation Office at the New Development Bank, said, "This workshop goes beyond the exchange of methodologies and best practices; it aimed to build the necessary capacity to ensure infrastructure projects deliver sustainable impact. With the UAE playing a pivotal role in the New Development Bank, we look forward to strengthening this partnership and contributing to the broader sustainability agenda through rigorous evaluation practices."

The workshop featured three sessions. The first session began with an overview of the New Development Bank's evaluation policies and strategies, followed by presentations on key methods and processes for evaluating policies, strategies, projects, programmes, and tools. The session also covered the benefits and challenges of independent evaluations, as well as emerging trends and innovative methodologies in the field.

The second session provided an overview of the bank's internal audit methodology and processes, including the implementation of global internal audit standards.

The third session focused on compliance and investigation policies and procedures in infrastructure projects, along with a presentation on the core principles of the Uniform Principles and Guidelines for International Investigation Conference and the methodologies used to address complaints in bank-funded projects.
The workshop concluded with discussions on the challenges and opportunities in sustainable infrastructure projects, emphasising the importance of applying accurate and transparent evaluation and audit methodologies to ensure the success of these projects globally.

The UAE joined the New Development Bank in October 2021, following the bank's establishment in 2015 to mobilise resources for infrastructure and sustainable development projects in developing and emerging economies, as well as BRICS nations.

The UAE is represented on the New Development Bank's Board of Governors by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, as Governor, and Younis Haji AlKhoori, Undersecretary of the Ministry of Finance, as Alternate Governor. Thuraiya Hamid Alhashimi, Director of international financial relations and organizations, serves as a member of the board of directors.