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  • Tuesday, 11 June 2024

H.E. Ms. Dilma Rousseff, President of the New Development Bank, during her opening speech: Egypt's membership in the New Development Bank enhances its focus on cooperation with developing countries, and the bank is committed to supporting Egypt through all cooperation mechanisms.

- Reducing financing costs for developing countries and finding innovative financing alternatives are among the main goals of the bank.

- We have visited many projects showcasing Egypt's ability to design and implement projects that enhance sustainable development.

- Egypt has a geographical location that bridges Asia and Africa and is a vital corridor for global trade, reflecting its importance in the international economic system.

- The President of the New Development Bank applaudes Egypt's efforts to support South-South cooperation, noting that developing countries are witnessing high rates of contribution to the international economic system.

- Developing Countries' contribution to global trade increased from 37% in 2016 to 41% in 2022, while the contribution of developed countries decreased from 62% to 58% during the same period.

Mrs. Dilma Rousseff, President of the New Development Bank, stated that the bank prioritizes the development goals and priorities of its member states, in line with its strategy based on cooperation among emerging countries and emphasizing South-South cooperation. She noted that developing countries have seen increasing contributions to the international economic system, particularly in recent years.

This came during her opening speech at the first seminar of the New Development Bank in Egypt, held under the theme "Navigating New Horizons," under the patronage of H.E. President Abdel Fattah El-Sisi and attended by H.E. Prime Minister Dr. Mostafa Madbouly.

The seminar was attended by Dr. Rania Al-Mashat, Minister of International Cooperation; Dr. Mohamed Maait, Minister of Finance; Lieutenant General Kamel El-Wazir, Minister of Transport; Dr. Hala El-Said, Minister of Planning and Economic Development; Lieutenant General Mohamed Abbas Helmy, Minister of Civil Aviation; Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority (FRA), Mr. Hossam Heiba, Chairman of the General Authority for Investment and Free Zones (GAFI), and other representatives of international institutions, development partners, and national entities.

The President of the New Development Bank highlighted Egypt's efforts within the framework of South-South cooperation, highlighting the country's comprehensive strategy under the "Egypt Vision 2030," which relies on a deep understanding of sustainable development’s goals. 

She emphasized that the current seminar, with the participation of many member countries of the New Development Bank, enhances the benefit from Egypt's integrated experience in supporting the local economy and showcasing its pioneering experience, especially in sustainable development projects.

“Egypt has a pioneering experience in its national projects to support the local economy.,” Rousseff affirmed, noting that the bank's mission visited several major national projects, demonstrating Egypt's capability to design and implement strategic projects aligned with the sustainable development goals and the vision of the New Development Bank. 

These projects include the fully smart New Administrative Capital built according to the latest global technological standards, the expansions of the Suez Canal, the Suez Canal Economic Zone (SCZone), and various energy and digital infrastructure projects that mark a significant shift in the nature of the local Egyptian economy, serving as success models for other member states.

Rousseff pointed out that Egypt, with its geographical location, acts as a gateway between Asia and Africa and is a crucial corridor for global trade, underscoring its importance in the global economic system. 

She added that Egypt holds a significant share of global trade and is one of the most industrially advanced African countries, ranking seventh in population, with immense human capacities allowing it to achieve high economic growth rates.

She explained that Egypt's membership in the New Development Bank supports the bank's focus on cooperation among developing countries, enabling significant growth rates for these countries. She emphasized the bank's commitment to supporting Egypt through financing and technical assistance while expanding support to new members, primarily Egypt and Bangladesh.

“Through this seminar, the bank will work closely with Egypt to understand its needs and goals more deeply, aligning with sustainable development goals, particularly in digital infrastructure, transport, and water sectors,” She noted.

Rousseff stated that the bank has invested approximately $35 billion in green projects, allowing developing countries to follow global steps and face global economic challenges in a world confronting successive economic crises.

She stressed that one of the main goals of the bank and the BRICS group, in general, is to reduce the cost of financing available to developing countries. In some African countries, the cost of borrowing is four to eight times higher than that for developed countries like Germany.

Rousseff highlighted that one of the primary reasons for establishing the New Development Bank in 2014 was to find alternatives for financing developing countries and to reduce disparities between the North and South in terms of access to financing. 

She noted that since World War II, the world has operated under a financial system focused on developed countries, perpetuating the financial gap between the North and South.

The President of the New Development Bank emphasized that developing countries now have greater opportunities to rely on their human capacities and technological advancements, allowing them to participate in shaping the new global economy and providing better opportunities to combat poverty and climate change impacts through mutual cooperation.

She stressed that developing countries are currently the main driver of the economy, with their contribution to global trade increasing from 37% in 2016 to 41% in 2022, while the contribution of developed countries decreased from 62% to 58% during the same period.