حفلة 2024

BRICS New Development Bank forum opens in Cairo

First forum held outside founding countries focuses on collaboration

The New Development Bank (NDB) forum kicked off on Tuesday in Cairo’s New Administrative Capital, under the patronage of Egyptian President Abdel Fattah al-Sisi.

Prime Minister Moustafa Madbouly expressed his nation’s pride in being chosen as the first non-founding member to lead this high-level forum.

The forum serves as a platform to delve into the NDB’s activities such as funding windows, local currency support for member states, and private sector assistance like capital participation, concessional financing, and SME technical support, Madbouly added.

Egypt’s Minister of International Cooperation, Rania Al-Mashat, said that the forum titled Exploring New Horizons marked a milestone after a year of efforts since Egypt’s accession to the NDB in 2023.

Al-Mashaat added that economic and geopolitical challenges in developing and emerging countries underscore the forum’s need to explore more effective development co-operation options beyond current multilateral development banks.

Finance Minister Mohamed Maait, Egypt’s Governor at NDB, reaffirmed the country’s commitment to strengthening development investments within the NDB member states. He highlighted the need for regional cooperation and economic integration to address cross-border challenges and pave the way for a resilient economic future driven by the private sector.

Maait expressed confidence in Egypt’s economic resilience, despite internal and external challenges, citing ongoing reforms and efforts to enhance the business climate.

“The country aims to boost stability and growth, positioning itself as a regional production and export hub. The government is also working to attract investment by creating a more competitive environment and eliminating preferential treatment for state-owned entities,” he added.

Attribution: Egyptian Cabinet statements

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