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  • Saturday, 08 June 2024

The Ministry of International Cooperation Announces Details of the 1st Seminar of the New Development Bank in Egypt

The Ministry of International Cooperation announced the details of the first seminar of the New Development Bank (NDB) in Egypt, which is hosted by the Arab Republic of Egypt in the New Administrative Capital, on June 11 and 12, under the patronage of H.E. President Abdel Fattah El-Sisi, co-organized by the Ministry of International Cooperation and the NDB.

The seminar comes after Egypt’s accession as a member of the NDB in March 2023, as it aims 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 from the cooperation capabilities available to them. This is in light of the pivotal role that Egypt plays in the region, as a center linking the continents of the world, and playing a growing role in the value chain and global trade.

Seminar Details

The seminar will be held over two days, and will witness high-level participation from the NDB, international financial institutions, the private sector, the government, and international and local think tanks.

In the activities of the first day, the NDB  is scheduled to show presentations from officials of the bank’s various sectors on the financing and non-financing mechanisms and tools that it provides to enhance cooperation with member states, both from the governmental and private sectors.

The first day also discusses Egypt's multi-track plan towards growth and investment, which discusses the opportunities available in Egypt and the possibilities to enhance development and investment efforts in light of its commitment to transform into a regional energy center, expand renewable energy investments, and its role as a major player in development efforts on the African continent and in the Middle East region, highlighting the role played by the Suez Canal as a major global corridor within the Belt and Road Initiative, and investment opportunities in the Suez Canal Economic Zone, which is a global industrial and logistics center.

The 1st day also discusses the role of the NDB in mobilizing investments for development strategies in Egypt, in light of its role as one of the multilateral development banks newly joining the global financial system, whether through direct financing, other financing tools, innovative methods, technical support, and providing flexible solutions, tailored to the needs of different member states.

In a related context, the seminar will devote a high-level discussion session on “Egypt as a Connectivity Hub” to discuss Egypt’s strategic location at the crossroads between Africa, Asia, and Europe, and its pivotal role in global trade through the Suez Canal axis, and the multiple ports in Alexandria, Damietta, and Port Said. This makes Egypt play a vital role in the global shipping and logistics chain, in addition to the country’s location on the African continent and its benefit from the Continental Free Trade Agreement, which makes it a distinguished location for investments wishing to enter the African market.

The session explores the country's capabilities, vision, efforts made in the field of infrastructure to enhance this role, and opportunities for cooperation with the NDB and multilateral development banks to enhance this role.

Among the most important topics covered by the seminar is advancing global development through South-South cooperation, which is one of the main goals of the NDB, as it aims to reshape relations and partnerships between countries of the Global South.

During this session, the seminar discusses the importance of South-South cooperation, as one of the mechanisms for international cooperation and development financing to overcome the challenges facing developing countries and emerging markets, through exchanging experiences and knowledge and replicating development experiences, which enables them to overcome the global crises they face. The session will discuss the role of the BRICS group of countries as a global bloc that works to achieve diversification in the global economy, and strengthens the countries of the largest emerging markets and developing countries to play a vital role in supporting development in their regional and international economic environment.

It is worth noting that the NDB, headquartered in Shanghai, China, was established in 2014 with an initial authorized capital of $100 billion, by the BRICS group of countries, which are Brazil, India, China, Russia, and South Africa, and is considered a multilateral bank. It is interested in financing infrastructure projects and sustainable development, and has so far succeeded in financing 96 projects worth $33 billion. Recently, Egypt, Bangladesh, and the UAE joined the bank.