NDB’s president vows support for Egypt

Egypt’s membership in the New Development Bank (NDB) enhances its partnerships with developing countries, Dilma Rousseff, NDB President said, adding that the bank is committed to supporting Egypt’s development goals.

She stressed the NDB’s focus on partnerships with developing nations, that aims to lower financing expenses and introduce creative funding options to back their sustainable development goals.

The NDB President praised Egypt’s project design and implementation capabilities, especially in sustainable development. She highlighted the North African country’s strategic location as a key link between Africa and Asia, a crucial trade route, and a significant player in the international economic system.

Praising Egypt’s dedication to South-South cooperation, Rousseff emphasized the growing importance of developing countries in the global economy. Their share of global trade has risen significantly, jumping from 37 per cent in 2016 to 41 per cent in 2022. Conversely, developed countries saw their share decline from 62 per cent to 58 per cent over the same period.

Attribution: Ministry of International Cooperation statement