Professor Singh: The BRICS group and the NDB aim to bridge the financing gap experienced by developing countries.

Establishing an integrated system of multilateral development banks creates a compounded impact on efforts.

Egypt's accession to the BRICS group and the NDB elevates the voices of Southern countries.

During the first day of the New Development Bank Seminar, held in the New Administrative Capital under the patronage of H.E. President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, H.E. Dr. Rania Al-Mashat, Minister of International Cooperation and Alternate Governor of Egypt to the NDB, conducted a dialogue with Professor NK Singh, President of the Indian Institute of Economic Growth, and Chairman of the 15th Financial Committee, to explore cooperation opportunities with the BRICS group and the New Development Bank, their role in the international economic system, and the challenges facing developing countries.

Initially, H.E. Minister Al-Mashat directed a question to Mr. Singh regarding the role of the BRICS group, whether it serves as an alternative or complement to the current global financing system. He emphasized the importance of the BRICS group, describing these countries as the "conscience of the world," aiming to bridge the financing gap for developing countries and establish more unified policies regarding project assessment, accountability, and risk evaluation to reduce discrimination.

He emhasized that the new entities play a vital role in providing financing in local currencies as well as issuing guarantees. He highlighted Egypt's role through its participation in the BRICS group to elevate Egypt's voice and speak on behalf of Southern countries, describing BRICS as the conscience of the world capable of implementing more impactful reforms.

H.E. Minister Al-Mashat raised a question about the phenomenon of capital flight from emerging economies. In this regard, the President of the Economic Growth Institute in India commented that there are certain measures to address such concerns, notably by disseminating an open database on non-real risks, addressing actual expenditure rates for financing, and attempting to reconcile perspectives on risks to attract more financing, particularly private financing. He added that climate projects, for example, rely more on private financing, necessitating a unified database and achieving integration among banks regarding standards and risks.

H.E. Dr. Rania, in her dialogue on the role of the NDB and what Southern countries can offer, affirmed that creating an integrated system of multilateral development banks can achieve greater impact than individual efforts.

The Minister emphasized the necessity of diversifying communication channels between international finance institutions and multilateral development banks and creating platforms to incentivize state-owned financing participation in setting financing priorities and establishing a comprehensive international system to prevent duplication in studies and project evaluations.

H.E. Dr. Al-Mashat concluded the dialogue by emphasizing the importance of such platforms, which Egypt and the Ministry of International Cooperation recognized from the first day, taking proactive steps by launching the "NWFE" platform, focusing on the nexus between water, food, and energy projects to foster the necessary interaction and integration among development partners to mobilize climate investments.