Latest news with #Leaders'Declaration
Al Etihad
a day ago
- Business
- Al Etihad
BRICS moves forward with creation of financial guarantee mechanism to support sustainable development
6 July 2025 08:38 RIO DE JANEIRO (WAM)The BRICS technical finance meeting — bringing together deputy ministers and central bank representatives — concluded with a strong indication of a new agreement among BRICS countries to create a multilateral financial guarantee mechanism. The initiative aims to support sustainable development projects, including energy transition, the expansion of renewable energy, and the strengthening of resilient infrastructure, BRICS Portal reported.'We held a joint session on COP30 climate financing to review the agenda developed over the past six months. We've prepared a technical report to help align the positions of finance ministries and central banks, with the goal of contributing to the Leaders' Declaration,' explained Tatiana Rosito, Secretary for International Affairs at the Ministry of Finance in agenda outlines specific instruments, such as BRICS guarantees designed to drive investment in climate-related initiatives—ranging from resilient infrastructure and nature-based solutions to adaptation and the energy transition,' Rosito added. She explained that the mechanism is designed to increase the availability of resources for BRICS countries and reduce capital costs by lowering financial risk. The model functions similarly to the World Bank's Multilateral Investment Guarantee Agency (MIGA), which provides credit guarantees to spur investment in developing countries.
Al Etihad
a day ago
- Business
- Al Etihad
UAE participates in 3rd BRICS Sherpa/Sous Sherpa Meeting
5 July 2025 22:44 RIO DE JANEIRO, BRAZIL (WAM)Saeed Mubarak Al Hajeri, Assistant Minister for Economic and Trade Affairs and the UAE's BRICS Sherpa, participated in the 3rd BRICS Sherpa and Sous Sherpa meeting, held from June 30 to July 4, 2025 in Rio de Janeiro, in preparation for the upcoming 17th BRICS Summit in Rio de Janeiro, the meeting marked a key milestone in finalizing the Leaders' Declaration and advancing discussions on priority deliverables under Brazil's Hajeri expressed appreciation to the Brazilian chair for its significant leadership, and highlighted the UAE's constructive role in shaping outcomes that reflect the shared priorities of all BRICS reiterated the UAE's commitment to economic collaboration, and inclusive multilateralism across the core pillars of BRICS UAE also welcomed the adoption of three thematic outcome documents on the Global Governance of Artificial Intelligence, Climate Finance, and the Partnership for the Elimination of Socially Determined UAE joined BRICS as a full member in January 2024. Its participation in the group aligns with the country's broader vision to promote international cooperation, advance sustainable development, and engage actively with emerging the UAE, BRICS provides a valuable platform for dialogue and policy coordination across regions. Through its membership, the UAE continues to advocate for balanced and inclusive solutions to global challenges, while reinforcing its position as a dynamic and open economy at the heart of the Global South.
