News and more

Keep Updated On The Progress

  • Wednesday, 31 May 2023

Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat at the Board of Governors Plenary Session New Development Bank in Shanghai, China: Egypt's new membership to the New Development Bank, along with major emerging economies, enhances South-South cooperation and regional integration to advance development efforts.

● Egypt has long and extended experience in the field of development work based on the principles of state ownership, transparency, shared responsibility and measurable results.

● The Bank’s missions to Cairo will enhance the identification of the framework for the governance of the development cooperation experience in Egypt in selecting, implementing and following up projects to maximize the impact of the efforts made.

● International cooperation efforts are based on the integration of all development partners to meet national priorities and advance the sustainable development agenda. 

● Al-Mashat: “We call on the New Development Bank to look closely at Egypt's experience in stimulating the private sector through development partners, and in enhancing concessional development funds for development projects in cooperation with development partners.” 

● Al-Mashat: “We look forward to working jointly with the Bank to expand innovative financing mechanisms in order to enhance the private sector's contribution to development efforts.”

The  Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat said that the Arab Republic of Egypt is one of the most recent countries to join the New Development Bank (NDB). Egypt has long-standing experience in the field of international cooperation and development financing through relations with multilateral and bilateral development partners, which are based on increasing  efforts exerted in various sectors of development and financing projects that are of priority to the country.

This came during H.E.’s speech at the plenary session of the NDB Board of Governors, within the framework of the 8th session of the bank's annual meetings, which are held in Shanghai, China, with the participation of Dr. Mohamed Maait, Minister of Finance, heads of state delegations and governors of member states.

The Minister added that Egypt's membership in the New Development Bank, along with the major emerging economies that are members of the BRICS, enhances South-South cooperation, and supports the efforts made by the government to transfer expertise and development experiences in the field of international cooperation to the countries of the South, in a way that stimulates development global efforts, especially as it is based on the principles of the Global Partnership for Effective Development Cooperation (GPEDC) represented by country ownership, focus on results, inclusive partnerships and transparency and mutual accountability.

The Minister stated that while the bank is working to support sustainable development and enhance regional cooperation and integration by investing in infrastructure mainly, Egypt has already existing experiences and is strengthening its efforts with development partners under the umbrella of the country’s vision to develop sustainable infrastructure through major projects. H.E.  also referred to the country platform for the nexus of water, food and energy (NWFE Program), that stimulates climate finance by integrating mitigation and adaptation to climate change across the aforementioned priority sectors. This especially comes at a time when the world is facing global threats in food, energy and food security challenges. 

Al-Mashat stated that these experiences, and other pioneering projects with multilateral and bilateral development partners, are a great impetus for building an ambitious development cooperation portfolio with the NDB that meets the country's development requirements in various infrastructure sectors, supports south-south cooperation, and creates constructive partnerships at the bilateral and multilateral levels, and to enhance sources of concessional development financing through joint financing with other development partners for various projects.

Moreover, H.E. added, "Over the past period, we have witnessed the annual meetings of the World Bank (WBG), the European Bank for Reconstruction and Development (EBRD), and the African Development Bank (AfDB) witnessed a review of cooperation mechanisms with the Government of Egypt, and the pioneering experiences that were implemented based on state ownership," stressing that Egypt is determined to stimulate cooperation with all stakeholders, meeting nationals development efforts, South-South cooperation, and stimulate regional integration to meet the global challenges facing developing countries and emerging economies.

H.E. also talked about Egypt's efforts to stimulate the participation of the private sector in development through international partnerships and soft development financing, which is already consistent with the NDB goals. The Minister also noted that innovative financing mechanisms from development partners enhance the participation of the private sector in development and stimulate its participation in climate action projects.

It is worth noting that the development cooperation portfolio of the Arab Republic of Egypt with multilateral and bilateral development partners includes more than 300 projects worth about $26 billion, addressing the 17 SDGs.