Egypt, a new member of the BRICS group, highlighted the importance of inclusive growth, South-South cooperation, and multilateral partnerships in achieving sustainable development at the 9th annual meeting of the New Development Bank (NDB) Board of Governors in Cape Town, South Africa.
Rania Al-Mashat, Egypt’s Minister of Planning, Economic Development, and International Cooperation, and Egypt’s Governor at the NDB, addressed the meeting, held from August 28 to 31 under the theme “Investing in a Sustainable Future.” The meeting was attended by NDB President Dilma Rousseff, Governors from member countries, business representatives, and stakeholders.
In her speech, Al-Mashat expressed gratitude to South Africa for hosting the meeting and its ongoing support of the NDB.
She highlighted Egypt’s accession to the BRICS group this year as a testament to the alignment of visions and goals among BRICS countries to enhance inclusive growth through cooperation between emerging and developing markets.
“Egypt’s accession to the BRICS group reflects alignment of visions and shared development goals,” said Al-Mashat. “We are working to enhance inclusive growth through fostering partnerships with New Development Bank members.”
Al-Mashat noted that Egypt is fully prepared to work alongside partner countries to advance South-South cooperation and contribute to mutual prosperity and global development. She highlighted the importance of establishing institutional frameworks for cooperation among BRICS countries to encourage efforts to attract more investments.
“Establishing institutional frameworks for cooperation among BRICS countries stimulates efforts to attract more investments,” she said.
Al-Mashat emphasised Egypt’s belief in the strength of multilateral cooperation, especially given its strategic location connecting Africa, Asia, and Europe. This enhances Egypt’s role in South-South economic cooperation and contributes to the global development agenda.
“Multilateral development banks play a crucial role in closing the financing gap in developing countries and encouraging private investments,” said Al-Mashat.
Al-Mashat discussed Egypt’s comprehensive economic reform program, implemented over the past decade, aimed at restoring macroeconomic stability and promoting inclusive and quality growth. While acknowledging significant achievements, including improved financial conditions, investor confidence, and job creation, she acknowledged remaining challenges due to external shocks and global economic instability.
She highlighted the importance of Egypt’s role in hosting the NDB’s first forum in Egypt, titled “Navigating New Horizons,” under the patronage of President Abdel Fattah Al-Sisi last June. This forum, the first of its kind in a BRICS+ country, enhances cooperation between the group and other emerging and developing markets to drive sustainable development initiatives.
“We are implementing a comprehensive economic and structural reform program to bolster macroeconomic stability,” said Al-Mashat.
Al-Mashat stressed the pivotal role of international financial institutions and multilateral development banks, including the NDB, in addressing the vast infrastructure needs in emerging and developing markets. She noted that Africa alone faces an infrastructure financing gap of $108bn annually, emphasising the importance of the Bank’s role in providing financial resources, stimulating private investments, and fostering co-financing arrangements to enhance collective impact.
Al-Mashat discussed Egypt’s focus on promoting climate action through green energy initiatives as part of its national climate strategy. She mentioned the “NWFE” program, a nexus of water, food, and energy projects, which aims to accelerate the national climate agenda, mobilise climate finance, and attract private investments to support Egypt’s green transition. She expressed hope for the Bank’s support in this area, whether through direct financing or technical assistance.
“We are committed to enhancing sustainable development, which has become increasingly important during these challenging times,” said Al-Mashat.
Al-Mashat highlighted the role of the G20 in supporting multilateral development banks to assist various countries in achieving sustainable development. She noted that South-South cooperation is a cornerstone of strategies for emerging and developing markets to exchange knowledge and best practices. The NDB can facilitate this cooperation by providing a platform for emerging economies.
“South-South cooperation is a cornerstone of strategies for emerging and developing markets to exchange knowledge and best practices,” said Al-Mashat.
Al-Mashat reaffirmed Egypt’s firm commitment to supporting the NDB in achieving its shared mission of enhancing sustainable development in the global South and expressed anticipation for continued cooperation and tangible outcomes from this year’s meeting, ensuring the Bank remains at the forefront of global efforts to create a just, more sustainable, and prosperous world.
In conclusion, Minister Al-Mashat emphasised several key points, including “country ownership,” collaborative work among various multilateral development banks, and the importance of clarity in countries’ plans. She highlighted the significance of the NDB’s initiatives, such as the capital adequacy framework and discussions on local currency financing, as essential tools for enhancing global development.
