Sunday 22 Dec
Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Governor of Egypt at the BRICS New Development Bank, met with Dilma Rousseff, President of the New Development Bank and former President of Brazil, on the sidelines of her participation in the ninth annual meeting of the Bank’s Board of Governors, which was held under the title “Investing in Sustainable Future”, during the period from August 28 to 31 in Cape Town, South Africa.
AlMashat praised the New Development Bank's role in
fostering development in emerging nations. Both parties expressed interest in
strengthening their partnership. Egypt successfully hosted the Bank's inaugural
forum, highlighting its regional economic importance. The Bank committed to
supporting Egypt's development efforts and creating partnerships with Southern
nations. They discussed cooperation initiatives, including the Suez Wind Farm
project, which aims to increase Egypt's renewable energy. The minister
reaffirmed the government's commitment to advancing joint relations with the
Bank.
Both sides engaged in discussions on mutually
beneficial cooperation initiatives, building
upon past collaborations. The New Development Bank's contribution
to financing the private sector for the Suez
Wind Farm project, with a capacity of 1.1 gigawatts, was acknowledged
as a significant step towards enhancing
Egypt's renewable energy efforts. The Minister reiterated
the ministry's commitment to advancing
joint relations with the Bank in a manner that aligns
with the government's priorities of creating
opportunities for the private sector and increasing
its role in driving development.
The meeting discussed the various financing tools offered by the Bank to its member countries, including the expansion of local currency financing. The Bank also highlighted its commitment to providing technical and financial support to both the public and private sectors to promote development. Additionally, the Bank offers feasibility studies to assist in project planning.
The first meeting of the New Development Bank in Egypt was
fruitful, with discussions on developing regulations to support institutional
development and attract private sector investments, enhancing green energy
projects through green bonds and renewable energy infrastructure, enhancing
logistics infrastructure to facilitate global trade and Egypt's position as a
communication center, strengthening cooperation between Global South countries,
and mobilizing resources to achieve the sustainable development goals.
The meeting saw a reaffirmation of the potential for cooperation among Global South countries to address shared challenges, promote sustainable development, and enhance economic resilience in the Global South, particularly in the face of debt crises and climate change.
The meeting also explored several common topics, including ways to enhance cooperation with the bank to strengthen the stability of the Egyptian economy and development initiatives in light of Egypt's development needs, as well as developing the Suez Canal region.
In this context, the Minister emphasized the
strategic importance of the Suez Canal region for global trade and the future
of the Egyptian economy, expressing Egypt's aspiration to strengthen relations
with BRICS countries in the Suez Canal region.
She also explained the government's interest in exploring various avenues of cooperation with the New Development Bank and the available financing tools, including equity investments, blended finance solutions, and guarantees for public and private projects. These tools would support Egypt's development priorities, including sustainable development and private sector participation.
