New Development Bank pledges support for Egypt’s development goals

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Egypt - The New Development Bank (NDB) is committed to supporting Egypt’s development goals through financing and technical assistance, NDB President Dilma Rousseff said during the bank’s first seminar in Egypt, held under the theme “Navigating New Horizons.”

Rousseff praised Egypt’s “pioneering experience” in national projects aimed at supporting the local economy and aligning with sustainable development goals.

She cited the New Administrative Capital, the Suez Canal expansions, the Suez Canal Economic Zone, and various energy and digital infrastructure projects as examples of Egypt’s ability to design and implement strategic projects.

Rousseff highlighted Egypt’s geographical location as a gateway between Asia and Africa and a crucial corridor for global trade, underscoring its importance in the global economic system. She emphasized that Egypt’s membership in the NDB supports the bank’s focus on cooperation among developing countries.

“Egypt has a pioneering experience in its national projects to support the local economy,” Rousseff said. “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.”

Rousseff highlighted the NDB’s investment of approximately $35bn in green projects, enabling developing countries to address global economic challenges and follow global steps towards sustainability.

She also emphasized the importance of reducing disparities between the North and South in terms of access to financing, a key reason for the NDB’s establishment in 2014.

Developing countries are currently the main drivers of the global 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, Rousseff said.

Egypt’s membership in the NDB, effective in February 2023, supports the bank’s focus on South-South cooperation and the growing contributions of developing countries to the international economic system, Rousseff said. The NDB is committed to supporting Egypt through all cooperation mechanisms, she added.

The NDB was established in 2014 to find alternatives for financing developing countries and to reduce disparities between the North and South in terms of access to financing, Rousseff said. 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.

The seminar, held under the patronage of President Abdel Fattah Al-Sisi, was attended by Prime Minister Mostafa Madbouly and other high-level officials.