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  • Thursday, 01 June 2023

Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat, meets President of the NDB Dilma Rousseff, at the Bank’s Annual Meetings in China

● Al-Mashat: The NDB has a specificity, and we look forward to enhancing integration with the bank and development partners to advance development efforts in Egypt.

● Enhancing cooperation among the member states of the NDB, stimulating efforts to bridge financing gaps, and stimulating comprehensive partnerships to support development in developing countries.

● We developed an electronic system to follow up on soft development funds to enhance the efficiency of monitoring the financial and technical performance of projects.

● The private sector is a main focus in all our strategies with development partners, and we look forward to more mechanisms to encourage the private sector with the NDB.

Minister of International Cooperation and Alternate Governor of Egypt at the New Development Bank (NDB) H.E. Dr. Rania Al-Mashat,  reviewed the framework of international cooperation and development financing for Egypt, stressing that Egypt's relations with multilateral and bilateral development partners are based on clear and strong foundations and a careful governance structure in order to support development efforts and climate action and stimulating the development vision of Egypt 2030. This is part of Egypt's accession to the list of members of the NDB that stimulates development cooperation efforts, south-south cooperation, joint action mechanisms for the exchange of knowledge, expertise and development experiences in a way that enhances comprehensive and sustainable growth efforts.

This came during the discussion session held by President of the NDB Dilma Rousseff, with the Egyptian delegation, with the participation of the Minister of Finance and Governor of Egypt at the Bank H.E. Dr. Mohamed Maait,  during the activities of the 8th session of the annual meetings of the NDB in Shanghai, China.

The Egyptian participation in the annual meetings of the NDB is the first, after the approval of Egypt's accession, along with the BRICS grouping of countries founding the bank, in light of the efforts aimed at promoting development in developing countries and emerging economies. 

The meeting witnessed discussions with the bank's senior management regarding activating joint cooperation and building a development cooperation portfolio that meets the development requirements and priorities of the country, as well as the representation of member states, and the bank’s future plans to increase member states and enhance funds from relevant parties to support development in developing countries and emerging economies.

Al-Mashat added that, in light of the governance of development cooperation efforts, the Ministry of International Cooperation has developed the electronic system for managing concessional development financing information, as a mechanism for linking and unifying data on development financing agreements and projects, which enables the country to follow up on the financial and technical performance of projects funded by multiple development partners, extract periodic reports for decision makers, and share data with relevant parties.

Al-Mashat stated that Egypt is keen on integrating efforts among all development partners through the principles of Economic Diplomacy, in a way that maximizes the impact of joint development cooperation efforts, pointing out that the NDB has a speciality  given that it was  founded by major emerging economies and aims to support development and international cooperation, as well as South-South cooperation, which makes is a great opportunity to stimulate development through comprehensive partnerships and bridge the gap in financing, information and development expertise between emerging countries.

H.E. discussed with the President of the NDB the ongoing efforts to stimulate the private sector through international partnerships, and the resulting soft development financing that exceeded $7 billion over the past three years, in addition to strengthening technical support efforts to stimulate companies' commitment to environmental, social and governance standards, noting that the private sector is a main focus in all its strategies with development partners and that the NDB’s approach to financing the private sector provides a great opportunity for cooperation and integration with the efforts made by development partners in Egypt to stimulate the private sector.

Al-Mashat  presented a copy of the Ministry's annual report for the year 2022 to the President of the NDB, which was launched under the title "From Pledges to Implementation", pointing out that Egypt is keen to document development experiences and implemented partnerships with development partners, in a way that creates integration in efforts and presents the partnerships implemented throughout the year to monitor the impact of these efforts on sustainable development efforts in Egypt.

Al-Mashat is participating in the bank’s 8th Annual Meetings held at its headquarters in Shanghai, China, and this comes in light of the role played by the ministry to strengthen development cooperation relations with multilateral and bilateral development partners and promote a national development vision that is consistent with the UN SDGs.

It is worth noting that the BRICS countries, which are the founding members (Brazil, Russia, India, China and South Africa), agreed to establish the NDB at the fourth "BRICS" summit in New Delhi in 2012, and it was announced at the fifth summit in Durban in 2013, before it was signed. The convention took place in the Brazilian city of Fortaleza in July 2014.