Egypt says it’s looking for deeper collaboration with the New Development Bank (NDB). Minister of International Co-operation Rania Al-Mashat said this at the inaugural session of the NDB seminar in Cairo, themed “Navigating New Horizons. Al-Mashat has emphasised 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, Al-Mashat said the seminar underscored Egypt’s commitment to strengthening economic ties with the NDB and the BRICS group.
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 National Development Bank – or BRICS Bank – is designed to help member nations develop their economies. The seminar’s agenda is designed to address mutual interests and potential cooperation between the public and private sectors. It aims to familiarise 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 amongst 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 emphasised 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.
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