Egypt to host 1st New Development Bank seminar outside founding BRICS nations

Daily News Egypt
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Egypt will host the first seminar of the New Development Bank (NDB) outside of the founding BRICS nations (Brazil, Russia, India, China, and South Africa) on June 11th and 12th. The event, held under the patronage of President Abdel Fattah Al-Sisi, is co-organized by the Egyptian Ministry of International Cooperation and the NDB, following Egypt’s accession to the bank in March 2023.

The seminar aims to introduce the NDB’s operations and explore potential cooperation with both the Egyptian government and the private sector.

Discussions will focus on future collaboration opportunities between founding and new BRICS members, maximising the benefits of available resources. Egypt’s strategic location as a central link between continents, its growing role in global trade, and its potential as a regional energy hub will be highlighted.

Egypt, Iran, the United Arab Emirates, Saudi Arabia, and Ethiopia were officially welcomed into the BRICS grouping on 1 January 2024.

The two-day event will feature high-level participation from the NDB, international financial institutions, the private sector, government representatives, and international and local think tanks. The first day will include presentations from NDB officials on financing and non-financing mechanisms available to member states.

Egypt’s multi-track growth and investment plan will be a key topic, showcasing opportunities in renewable energy, infrastructure development, and the Suez Canal Economic Zone.

The NDB’s role in mobilising investments for Egypt’s development strategies through direct financing, innovative tools, and technical support will also be explored.

A dedicated session on “Egypt as a Connectivity Hub” will delve into the country’s strategic location and its role in global trade. Discussions will cover infrastructure developments, the potential of the Suez Canal axis and various ports, and opportunities for cooperation with the NDB and other multilateral development banks.

The seminar will also address the broader theme of advancing global development through South-South cooperation, a core goal of the NDB. The importance of knowledge exchange, replicating successful development experiences, and the role of the BRICS group in fostering a diversified global economy will be examined.

The NDB, headquartered in Shanghai, was established in 2014 by the BRICS nations with an initial authorised capital of $100bn.

It focuses on financing infrastructure and sustainable development projects, having already financed 96 projects worth $33bn. Egypt, Bangladesh, and the UAE are the newest members of the bank.

 

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