Thursday 21 Nov
Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Governor of Egypt at the New Development Bank, participated in the main business session of the ninth annual meeting of the Bank’s Board of Governors, held under the title “Investing in a Sustainable Future” during the period from 28 to 31 August in Cape Town, In South Africa.
Dilma Rousseff, President of the
New Development Bank and former President of Brazil was present together with
governors of member states, representatives of the business community and
relevant parties.
At the beginning of her speech,
Dr. Al-Mashat thanked South Africa for hosting the Bank’s annual meetings and
its role in supporting the Bank’s journey since its founding.
She clarified that while the
annual meetings of the New Development Bank are themed 'Investing in a
Sustainable Future,' achieving this goal necessitates not only individual
country efforts but also robust partnerships. Egypt's recent joining of the
BRICS group underscores its economic potential and aligns with the shared
vision of promoting inclusive growth through collaboration among emerging and
developing markets. As a member of the New Development Bank, one of the
BRICS-affiliated multilateral institutions, Egypt is committed to working with
partner countries to foster cooperation within the Global South and contribute
to the shared prosperity of all nations. She emphasized that establishing
institutional frameworks for BRICS cooperation stimulates investment attraction
in these countries.
Dr. Al-Mashat said that the
annual meeting of the New Development Bank's Board of Governors reaffirms our
collective commitment to sustainable development, a mission increasingly
critical in today's challenging world. The conference theme, "Investing in
a Sustainable Future," is particularly relevant as we navigate the ongoing
impacts of the COVID-19 pandemic, climate change, and geopolitical tensions
that threaten peace and security, especially in the Middle East.
She asserted that Egypt firmly
believes in the power of multilateral cooperation. Our strategic geographic
location, bridging Africa, Asia, and Europe, has historically positioned Egypt
as a hub for trade, culture, and innovation. Today, this location enhances our
role in South-South and trilateral cooperation, and our contributions to the
global development agenda.
"Egypt has implemented a
comprehensive economic reform program over the past decade, aimed at restoring
macroeconomic stability and fostering inclusive, high-quality growth," she
stated. Despite significant progress, including improved financial conditions,
investor confidence, and job creation, challenges persist, exacerbated by
external shocks and global economic instability.
To strengthen the Egypt-New Development Bank partnership, the Minister of Planning, Economic Development, and International Cooperation highlighted Cairo's hosting of the bank's inaugural forum in Egypt, "Exploring New Horizons," under the auspices of President Abdel Fattah El-Sisi, last June. As the first New Development Bank conference held in a BRICS Plus country following Egypt's membership, this event promoted cooperation among BRICS nations and other emerging and developing markets to advance sustainable development initiatives.
"The conference underscored
the necessity of establishing regulatory frameworks that attract private
investment as a crucial component of achieving sustainable development
goals," she noted. The productive discussions and actionable insights
generated during the conference have already begun to shape policy directions,
particularly in the realms of green energy and infrastructure development.
She emphasized the pivotal role of international financial institutions and multilateral development banks, including the New Development Bank, in addressing the substantial infrastructure needs of emerging and developing markets. The scale of these needs is staggering, with Africa alone facing an annual infrastructure financing gap of $108 billion. This highlights the New Development Bank's importance in providing financial resources, mobilizing private investment, and facilitating co-financing arrangements to amplify collective impact.
