Egypt seeks to expand development financing through New Development Bank seminar: Al-Mashat

Daily News Egypt
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Egypt is eager to diversify its economic partnerships through closer collaboration with the New Development Bank (NDB), according to Minister of International Cooperation Rania Al-Mashat.

Speaking at the inaugural session of the NDB seminar in Cairo, themed “Navigating New Horizons,” Al-Mashat emphasized the significance of the event as the first of its kind held outside the bank’s founding countries.

The seminar, co-organised by the Ministry of International Cooperation, builds upon efforts initiated over a year ago when Egypt officially joined the NDB in 2023.

Held under the patronage of President Abdel Fattah Al-Sisi, the seminar underscores Egypt’s commitment to strengthening economic ties with the NDB and the BRICS group, Al-Mashat noted.

The minister highlighted the unique economic and geopolitical challenges faced by developing and emerging economies, exacerbated by successive global crises.

She argued that the current multilateral development bank system has not adequately addressed these nations’ needs, underscoring the importance of exploring new avenues for development cooperation through the NDB.

The seminar’s agenda is designed to address mutual interests and potential cooperation between the public and private sectors. It aims to familiarize the Egyptian business community with the NDB’s innovative financing tools and mechanisms, thereby enhancing development financing opportunities within Egypt.

Two reports will be released during the seminar. The first, “Egypt and BRICS Countries – Promising Opportunities,” is prepared by the Information and Decision Support Center (IDSC) of the Cabinet.

The second, “Towards Effective Economic South-South and Triangular Cooperation,” issued by the Ministry of International Cooperation, highlights efforts to enhance expertise and knowledge exchange among countries in the Global South.

Al-Mashat expressed optimism about the partnership with the NDB, particularly regarding the acceleration of sustainable development and the transition to low-emission pathways. She emphasized the urgent need for fair financing and technology to address the growing climate investment gap.

Egypt’s membership in the NDB, along with that of other emerging economies, represents a positive step not only for the bank’s financial capabilities but also for expanding its operations in the Global South, particularly in the Middle East and North Africa, Al-Mashat stated.

She further affirmed Egypt’s commitment to leveraging its chairmanship of the New Partnership for Africa’s Development (NEPAD) until 2025 to enhance inter-African cooperation and expertise exchange across various levels and fields within the continent.

 

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