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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt to Host BRICS Bank 1st Int'l Forum


Fri 07 Jun 2024 | 11:55 AM
Flags of BRICS members. Source: IRNA
Flags of BRICS members. Source: IRNA
Ahmed Emam

Egypt's New Administrative Capital will be the venue for the New Development Bank's (NDB) inaugural international forum outside the BRICS countries on 11-12 June, with the support of President Abdel-Fattah El-Sisi.

In collaboration with the Egyptian Ministry of International Cooperation, the NDB, which serves as the financial arm of the BRICS, has organized this highly anticipated event. The primary objective of the forum is to familiarize participants with the bank's operations, strengthen cooperation with both the government and private sector, explore future collaboration opportunities between the BRICS founding members and the new members, and fully utilize the bank's cooperative potential, as stated by the Egyptian ministry.

A distinguished delegation from the NDB, led by its President and former President of Brazil, Dilma Rousseff, and the Vice President and Executive Director of the bank, Anil Kishora, is expected to attend the forum. Additionally, Egypt's Minister of International Cooperation, Rania Al-Mashat, Minister of Finance, Mohamed Maait, and several other ministers will actively participate in the event. The heads of the General Authority for Investment and Free Zones (GAFI) and the Suez Canal Economic Zone will also be present.

The forum will witness the presence of numerous officials from international institutions, development partners, economic experts, and think tanks, further enriching the discussions.

This forum holds particular significance as Egypt became a member of the NDB in March 2023 and was officially approved to join the BRICS group at the beginning of 2024. The gathering will delve into various topics, including Egypt's development plans, its role in advancing global development, and fostering cooperation among the countries of the Global South.

Furthermore, the bank will showcase its financing tools and solutions aimed at supporting global development.

Minister Al-Mashat, who acts as the Alternate Governor for Egypt at the bank, said: "The launch of the first international forum for the bank in Egypt is a qualitative leap with the beginning of Egyptian relations with the bank. It also reflects the weight that Egypt enjoys as an emerging country among the BRICS group.” 

President Rousseff expressed her satisfaction that the inaugural forum of the bank is taking place in Egypt, and she anticipates enhancing collaboration with Egypt to bolster development initiatives. The NDB, situated in Shanghai, China, was founded in 2014 with an initial authorized capital of $100 billion by the BRICS group.