Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Governor of Egypt at the New Development Bank (NDB) of the BRICS group, met with Dilma Rousseff, President of the NDB and former President of Brazil, on the margins of her participation in the 9th Annual Meeting of the Bank’s Board of Governors, held under the title “Investing in a Sustainable Future,” during the period from August 28 to 31 in Cape Town, South Africa.
At the beginning of the meeting, Minister of Planning, Economic Development and International Cooperation expressed her appreciation for the role played by the New Development Bank (NDB), headed by Dilma Rousseff, in supporting development efforts in member states and its efforts to enhance development in developing and emerging countries, noting the government’s keenness to strengthen cooperation frameworks with the bank and move forward in expanding the scope of bilateral relations in a way that reflects on advancing development through partnerships with the public and private sectors in Egypt. She also referred to the successful holding of the first forum of the New Development Bank (NDB) in Egypt last June.
For her part, the President of the New Development Bank applauded the organization of the bank's first forum in Egypt last June, stressing the centrality of the Egyptian economy at the regional level and the bank's interest in enhancing cooperation with the Egyptian government to support development efforts, in addition to creating partnerships between the bank and the countries of the South in partnership with Egypt.
The two sides discussed cooperation files of common interest, and building on what has been implemented in the past period, as the New Development Bank contributed to financing the private sector to implement the Suez Wind Power Plant project with a capacity of 1.1 gigawatts, which enhances Egypt’s efforts to increase the percentage of renewable energy to 42% by 2030. In this regard, Al-Mashat stressed the ministry’s keenness to advance joint relations with the bank in a way that meets the government’s priorities regarding giving way to the private sector and increasing its role in achieving development.
The meeting also discussed the financing tools provided by the bank to member countries, its expansion to increase the volume of financing in local currencies, and providing technical support and financing to the public and private sectors to support development efforts, in addition to granting feasibility studies provided by the bank to prepare studies on various projects.
Dr. Rania A. Al-Mashat explained that the first forum of the New Development Bank in Egypt witnessed many productive discussions, including developing and implementing comprehensive regulatory frameworks to support institutional development and attract private sector investments, promoting green energy projects, including issuing green bonds and developing renewable energy infrastructure, in addition to enhancing the logistical infrastructure to facilitate global trade and enhance Egypt's position as a communication center, enhancing cooperation between countries of the South, as well as mobilizing resources to achieve sustainable development goals.
Egypt's Country Platform NWFE Program
The two sides discussed the government's efforts to enhance financial systems for climate finance through Egypt's Country Platform “NWFE” Program, which aims to attract investments in the field of green transformation, especially in the water, food and energy sectors, noting that there is a wide scope for cooperation with the bank and the ministry in providing technical support for the program's projects, and benefiting from expertise and resources to implement projects, as well as providing support in exploring financing and investment opportunities.
Empowering the private sector
The Minister of Planning, Economic Development and International Cooperation emphasized the new Government's efforts to develop economic policies, strengthen national perspectives in coordination with parties and relevant national stakeholders and integrate the mechanisms of the Economic and Social Development Plan and joint relations with development partners to support sustainable development efforts.
Cooperation between multilateral development banks
With the President of the New Development Bank, Al-Mashat discussed maximizing integration between the Bank and other multilateral development banks, with a view to enhancing the utilization of resources and driving development efforts, stressing that integration would have the desired impact in priority sectors, particularly in the areas of infrastructure, green energy and economic development.
South-South and Triangular Cooperation
The meeting highlighted the potential of South-South cooperation to address common challenges, promote sustainable development and economic resilience in the global South, including debt crises and climate change; In this regard, Dr. Rania A. Al-Mashat confirmed the interest in collaborating with the Bank to launch a series of workshops to share experiences and knowledge in many areas, while examining capacity-building opportunities in project management, financial planning and governance.
Encourage investment in the Suez Canal Economic Zone
The meeting also discussed several common issues, including ways to support cooperation with the Bank to promote the stability of the Egyptian economy and development initiatives in the light of Egypt's development needs and the development of the Suez Canal area. In this context, the Minister of Planning, Economic Development and International Cooperation stressed the strategic importance of the Suez Canal region for world trade and the future of the Egyptian economy, explaining Egypt's aspiration to strengthen relations with the BRICS countries in the Suez Canal region.
She also outlined the Government's interest in exploring various avenues of cooperation with the new Development Bank, available financing tools, including equity investments, blended financing solutions and guarantees for public and private enterprises, while supporting these tools to Egypt's development priorities, including sustainable development and private sector participation.
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