Egypt, NDB explore expanded co-operation

Egypt’s Minister of Planning and Economic Development, Rania Al-Mashat met on Sunday with Dilma Rousseff, President of the New Development Bank (NDB), to explore opportunities for increased co-operation. The meeting took place during the NDB’s Board of Governors meeting in Cape Town.

The discussion focused on the NDB’s financing tools, including local currency financing, technical support, and funding for both public and private sectors. The parties also reviewed feasibility studies for various projects.

Al-Mashat highlighted Egypt’s efforts to strengthen financial systems for climate financing through the NWFE platform. She emphasised the potential for collaboration with the NDB to provide technical support and leverage resources for project implementation.

The discussion also covered enhancing cooperation between the NDB and other multilateral development banks to maximise resource utilisation and drive development in infrastructure, green energy, and economic development.

Both sides stressed the importance of South-South cooperation in addressing common challenges and promoting sustainable development in the Global South. The meeting also underscored Egypt’s strategic focus on the Suez Canal Economic Zone (SCZONE) for global trade and the future of the Egyptian economy.

Al-Mashat expressed interest in strengthening ties with BRICS nations in the region and exploring various avenues of cooperation with the NDB, including equity investments, blended finance solutions, and guarantees for public and private projects.

The talks further touched on the NDB’s previous contribution to financing the private sector’s Suez Wind Farm project, which aligns with Egypt’s goal of increasing renewable energy to 42 per cent by 2030. Al-Mashat reiterated the ministry’s commitment to advancing joint relations with the NDB and emphasised the role of the private sector in achieving development goals.