● Al-Mashat: Promising prospects for cooperation with the NDB in priority sectors and the implementation of sustainable and green development projects and the NWFE program.
● Strengthening integration between the NDB and multilateral development partners to support development efforts in Egypt.
● Al-Mashat discusses with the bank delegation preparations for the 1st visit of the bank president to Egypt and developing a cooperation plan in light of national priorities.
The Minister of International Cooperation and Alternate Governor of Egypt at the New Development Bank (NDB), H.E. Dr. Rania A. Al-Mashat, held a discussion session with the Vice President of the NDB, Vladimir Kazbekov, and his accompanying delegation, in the 1st high-level official visit of bank officials to Egypt following Egypt’s official accession to the bank last year.
During the meeting, Al-Mashat was keen to welcome the delegation of the NDB to Egypt, stressing the government’s keenness to deepen joint work with the bank within the framework of South-South cooperation and develop a plan for joint cooperation to enhance development efforts in various priority areas, especially with Egypt joining the BRICS group of countries. BRICS provides promising prospects for cooperation and integration with efforts made with other development partners.
Al-Mashat confirmed that, in light of the directives of H.E. President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, to develop international cooperation frameworks in development projects and ensure that they respond to national needs and priorities, the partnership with the NDB represents the utmost importance to benefit from the bank’s accumulated expertise. Egypt has partnerships with multilateral and bilateral development partners to implement development projects in the fields of infrastructure, energy, and investment in human capital.
H.E. also stressed the government’s keenness to strengthen the partnership with the Bank in light of the Belt and Road Initiative - an important initiative that opens horizons for cooperation with many countries along the Belt and Road, enhances investments in all sectors as well as partnerships between the government and private sectors, and also supports the implementation of infrastructure projects and stimulates South-South cooperation.
The meeting also witnessed a discussion of priorities for the next phase, especially ongoing discussions in coordination with national parties to develop a future strategy for cooperation with the NDB, and preparing for the first visit of the President of the NDB.
Al-Mashat explained that, through the framework of international cooperation and development financing, the Ministry of International Cooperation works to achieve integration and coordination between various multilateral and bilateral development partners, with different governance mechanisms, and ensure the participation of more than one partner in implementing development projects in Egypt. This reflects the strength of relationships, the precise formulation of the implemented development projects, and the keenness of development partners to contribute to financing them and providing the required technical support, in order to maximize the impact and benefit from international partnerships.
During the meeting, Al-Mashat presented to the Vice President of the Bank the annual report of the Ministry of International Cooperation for the year 2023, under the title “Platforms for Policy and Practice,” which includes an executive summary of the implemented partnerships and development financing during the past four years, amounting to $38.8 billion, including $28.5 billion to various state sectors, and $10.3 billion to the private sector.
They also discussed the expected cooperation to promote green and fair financing and support Egypt’s efforts to increase investment in human capital, stimulate the transition to a green economy, and implement sustainable and green development projects, as well as the NWFE program.
Egypt officially joined the membership of the NDB in March 2023, and Al-Mashat also participated in the activities of the 8th session of the annual meetings of the NDB, which was held in Shanghai, China.
It is worth noting that BRICS countries -Brazil, Russia, India, China and South Africa- agreed to establish the NDB at the 4th 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 was held in the Brazilian city of Fortaleza in July 2014.
For more information:
Annual report 2023: https://moic.gov.eg/page/annual-report-2023
HUB FOR ADVISORY, FINANCE & INVESTMENT FOR ENTERPRISES: https://privatesector.moic.gov.eg/?lang=en