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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Al-Mashat Receives NDB's Rousseff at NAC


Mon 10 Jun 2024 | 11:01 PM
Ahmed Emam

On Monday, Minister of International Cooperation and Egypt's Alternate Governor to the New Development Bank (NDB) Rania Al-Mashat, received Dilma Rousseff, President of the New Development Bank (NDB) and former President of Brazil, at the Ministry's headquarters in the New Administrative Capital. 

According to a statement recently issued by the Ministry of International Cooperation, they held a bilateral meeting ahead of the inaugural seminar of the bank, scheduled to commence tomorrow, Tuesday. The meeting witnessed discussions on areas of cooperation and opportunities available to enhance mutual economic relations, within the framework of the New Development Bank's strategy to enhance relations with developing countries and emerging economies, as well as national priorities and concerns.

At the outset of the meeting, the Minister of International Cooperation welcomed Rousseff to Egypt, emphasizing the importance of her visit following Egypt's membership in the bank and its joining of the BRICS group. This reflects the Egyptian state's commitment to strengthening and diversifying its relations with various development partners, meeting development requirements, and promoting support for reforming the global financial structure by introducing more innovative financing mechanisms. The efforts undertaken by the bank reinforce the international trend towards innovating new financing mechanisms and reforming multilateral development banks.

Minister Al-Mashat also presented the ministry's report for the year 2023, which includes details of partnerships with development partners during the period from 2020 to 2023, various projects implemented by development partners, efforts to promote climate action through the "NWFE" program, and leading projects implemented with development partners such as the "Takaful & Karama" social protection program and the social housing program.

Minister Al-Mashat affirmed that there is significant interest from the business community, think tanks, and various concerned parties in convening the first seminar of the bank in Egypt, to learn about the available opportunities for cooperation and the vision through which it works to support development in developing countries and emerging economies.

On her part, the NDB President expressed gratitude to the Egyptian government for the warm reception, emphasizing the importance of relations with Egypt and the significant opportunities available for investment given the presence of the Suez Canal Economic Zone, the extensive network of roads and infrastructure, and opportunities for investment in education, technology, and health.

 She affirmed that Egypt is a regional hub given its unique position in the Middle East and Africa, especially with the presence of dry ports. At the same time, she emphasized the importance of emerging economies increasing their investments in technology and innovation to keep pace with global developments and enhance efforts to localize industry and contribute to the development of value chains.