Maait: Egypt Looks Forward to Deepen COOP with NDB to Provide Soft Financing

Mohamed Maait, Minister of Finance and Egypt's Governor at the New Development Bank (NDB) affirmed that Egypt is keen to deepen cooperation paths with international development partners and multilateral banks to provide easy, low-cost and long-term financing to support the process of comprehensive and sustainable development at a time when access to global financial markets has become more difficult and costy.

The minister pointed out that Egypt is seeking to attract more private investments in major development projects, and the NDB can contribute to this, as the Egyptian government is working to deepen the participation of the private sector in economic activities by providing tax and customs facilities that stimulate the business climate, in a way that contributes to stimulating production and meeting the basic needs of citizens, and the mitigation of the unprecedented wave of inflation resulting from geopolitical tensions and the current economic turmoil.

Maait added, during his meeting with Dilma Rousseff, President of the New Development Bank, on the sidelines of the bank's annual meetings held in China, that Egypt looks forward to deepening cooperation and means of joint work with the bank, and establishing effective partnerships to contribute to achieving development with soft financing, within the framework of the Egyptian policy aimed at expanding the scope of international development cooperation in various development fields, especially the energy, transportation and green transformation sectors.

He pointed out that Egypt's accession to the membership of NDB will open promising horizons for it to establish effective partnerships between it and the member states, especially with regard to infrastructure projects.

He said that the strong relations between Egypt and the bank allow the state to explore more attractive opportunities, within the framework of keenness to diversify funding sources and mobilize the necessary resources to reduce the cost of meeting the development needs of citizens.

He stressed the importance of maximizing the bank's role in supporting emerging economies by reducing pressure on the budgets by pumping more investments in support of infrastructure development and achieving remarkable progress on major issues on the international scene, including climate change.