Egypt’s Prime Minister Mostafa Madbouly met with Dilma Rousseff, President of the New Development Bank (NDB), at the bank’s first international forum held in Egypt’s New Administrative Capital.
The forum, held under the auspices of President Abdel Fattah Al-Sisi, showcased the bank’s diverse activities, including mechanisms to support the private sector, provide concessional financing, and offer technical assistance to small and medium-sized enterprises.
Madbouly expressed his appreciation for Egypt being chosen to host the inaugural forum and emphasized the vital role the NDB will play in facilitating access to concessional financing, particularly with the addition of new members and the expansion of the BRICS group. He highlighted the substantial financial resources of the NDB’s member countries, which will strengthen its lending capacity and broaden its operational scope.
During the meeting, Madbouly and Rousseff discussed Egypt’s development experience in recent years, with the Prime Minister showcasing the New Administrative Capital as a key achievement. Launched in 2016, the government has accelerated construction of the current headquarters and facilities in record time.
“The New Administrative Capital is a green city, where we have increased green spaces and implemented environmental standards to achieve sustainability,” Madbouly said. He also emphasized the involvement of Egyptian companies in the project, stating, “We mainly relied on Egyptian companies, which have gained significant experience in building the New Administrative Capital.”
Madbouly pointed to the Financial and Business District, which includes the tallest tower in Africa, built in cooperation with a leading Chinese company, as a testament to the significant contribution of Egyptian companies and labour to the establishment of the district. He noted that the government has successfully relocated 50,000 employees to the new capital, providing them and their families with essential services, including university and pre-university education.
“We aspire for the New Administrative Capital to become a regionally attractive city within ten years,” Madbouly affirmed. He also discussed the government’s efforts to address informal settlements, particularly hazardous and unplanned ones, highlighting the provision of alternative housing for citizens.
Rousseff expressed her admiration for the Egyptian government’s achievements in the New Administrative Capital, praising the “Egyptian experience in urban development, which demonstrates a high degree of precision and attention to detail.” She also shared Brazil’s significant experience in urban development and addressing informal settlements.
Minister of International Cooperation Rania Al-Mashat expressed her appreciation for Rousseff’s support in holding the NDB’s first international forum in Egypt and praised the ongoing cooperation between Egypt and the BRICS countries.
