Egypt committed to improving cooperating with New Development Bank, says Maait



Tue, 30 May 2023 - 04:26 GMT


Tue, 30 May 2023 - 04:26 GMT

Egypt is committed to strengthening cooperation with the New Development Bank and establishing bilateral and multilateral partnerships with BRICS countries, says Finance Minister Mohamed Maait during a meeting of the New Development Bank's Board of Governors in China.

During his speech, Maait – also Governor of Egypt at the New Development Bank – emphasized the bank’s significant financing capabilities and advanced international expertise, which can contribute to a portfolio that promotes green growth and supports Egypt's development path in various sectors, and is aligned with Egypt’s Vision 20230. Minister of International Cooperation, Rania Al Mashat, is currently Egypt’s alternate governor.

Maait stressed that Egypt is an important ally to the bank in its activities and aims to establish the bank as a significant partner in multilateral development cooperation.

Collaborating together will strengthen solidarity among nations in addressing the current global economic challenges, Maait added, emphasizing the importance of international development partners adopting more suitable programs to enhance the capabilities of emerging economies without imposing excessive financial burdens.

Maait also stressed the role of the private sector as a driving force for emerging economies’ growth, reducing the pressure on their budgets and necessary financing for investments that contribute to comprehensive and sustainable development.

The finance minister highlighted Egypt's commitment to diversifying funding sources in order to meet development needs and alleviate burdens while improving the standard of living and public services.

Egypt seeking support and backing from international partners, including the New Development Bank, to complete its development journey and enhance its capabilities for green recovery through stimulating investments in environmentally friendly projects and creating financial space for developing countries to invest in infrastructure, he said.



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