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  • Thursday, 06 June 2024

Held in the New Administrative Capital on June 11 and 12 Under the patronage of H.E. President Abdel Fattah El-Sisi, Egypt hosts the first international seminar of the New Development Bank (NDB) outside BRICS founding countries

Dr. Rania Al-Mashat, Minister of International Cooperation: The seminar marks a qualitative leap in Egypt's relations with the bank and an opportunity to leverage on the global momentum for financial structural reform to create a supportive environment for emerging economies.

NDB President Dilma Rousseff: We are pleased to hold the first seminar of the bank in Egypt and look forward to close cooperation to support development efforts.

Under the patronage of H.E. President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, the New Administrative Capital will host, on June 11 and 12, the first international seminar of the New Development Bank (NDB) outside BRICS countries, organized by the New Development Bank in cooperation with the Ministry of International Cooperation, aiming to introduce the bank's operations, enhance ways of cooperation with the government and the private sector, discuss future cooperation opportunities between the founding and new BRICS members, and maximize the benefit of the available cooperation opportunities with the bank in light of the pivotal role played by Egypt in the region, as a nexus for linking the continents of the world, and playing a growing role in the global value chain and trade.

A high-level delegation from the NDB headed by the bank’s President Dilma Rousseff, and former President of Brazil, and Mr. Anil Kishora, Vice President and CEO of the Bank, in addition to the heads and directors of the various sectors of the Bank, will participate in the seminar. The Egyptian participation will include H.E. Dr. Rania A. Al-Mashat, Minister of International Cooperation, Dr. Mohamed Maait, Minister of Finance, several ministers, the head of the General Authority for Investment and Free Zones (GAFI), and the Chairman of the Suez Canal Economic Zone. The seminar also will witness the participation of a group of officials from international institutions, development partners, economic experts, and think and research centers.

The significance of the seminar comes after Egypt joined the New Development Bank in March 2023 and was officially approved for membership in the BRICS association earlier this year. The seminar will discuss many important topics and axes, including Egypt's plans for achieving development, its role in enhancing global development, and promoting cooperation among southern countries. The bank will also present various financial tools and solutions it offers to support global development and other related topics.

Dr. Rania Al-Mashat, Minister of International Cooperation and Alternate Governor of Egypt at the New Development Bank (NDB), stated that the launch of the first international seminar of the bank in Egypt is a qualitative leap with the beginning of Egyptian relations with the bank, and it also reflects the weight that Egypt enjoys as an emerging country amidst the BRICS group, in order to benefit from the innovative mechanisms, guarantees, and technical support provided by the bank to the public and private sectors. H.E. also highlighted the growing role of the New Development Bank within the international financial system, as one of the multilateral development banks, that can be a strong impetus for cooperation between the countries of the South, taking advantage of the current momentum related to reforming the global financial structure to create a more supportive international environment for emerging and developing economies.

For her part, H.E. Mrs. Dilma Rousseff, President of the New Development Bank (NDB), expressed her pleasure at holding the bank's first seminar in Egypt, looking forward to strengthening cooperation with Egypt to support development efforts.

It is worth mentioning that the New Development Bank (NDB), headquartered in Shanghai, China, was established in 2014 with an initial authorized capital of $100 billion by the BRICS group, which includes Brazil, Russia, India, China, and South Africa. It is a multilateral bank focused on financing infrastructure projects and sustainable development. So far, it has financed 96 projects worth $33 billion. Recently the NDB approved the membership of Egypt, Bangladesh, and the UAE, seeking to bridge the gap in the global financial system through innovative solutions.