New Development Bank
Al Mashat noted the issue of financing gaps in development, advocating for blended finance approache that merge public and private investments and stressing that integrating multilateral development banks and governments is vital to advancing development goals
President Abdel Fattah El-Sisi explained on Wednesday to Dilma Rousseff, President of the New Development Bank (NDB), Egypt’s vision on South-South partnerships in achieving national development.
This came during her opening speech at the inaugural New Development Bank seminar in Egypt, noting that this is the first seminar to be held outside the founding countries of the bank, according to the Minister Al-Mashat.
Minister of International Cooperation Rania Al-Mashat emphasized the significance of hosting the forum, stating that it symbolizes Egypt's growing role within the BRICS group and underscores the country's commitment to leveraging innovative mechanisms for development
During the meeting, Kazbekov expressed the NDB's keenness to expand investments in Egypt and foster closer collaboration between the bank and the electricity sector
The meeting primarily focused on advancing Egypt's green transition strategy, supporting efforts to increase investment in human capital, implementing green development projects, and discussing the NWFE platform
This is Kazbekov’s first high-level official visit to Egypt following the country’s official entry to the bank in March 2023
The MOIC minister is Egypt’s alternate governor for the NDB, with Finance Minister Mohamed Maait as the main governor
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
China will give 500 million yuan (£59 million) for a BRICS economic and technology cooperation plan, and another $4 million (£3 million) for projects at the BRICS countries’ New Development Bank.
