Rania Al-Mashat, Egypt’s Minister of Planning, Economic Development and International Cooperation, met with Dilma Rousseff, President of the New Development Bank (NDB) of the BRICS group, on the sidelines of the bank’s annual meeting in Cape Town, South Africa.
Al-Mashat expressed her appreciation for the NDB’s role in supporting development efforts in member states and its commitment to enhancing development in emerging markets. She highlighted Egypt’s desire to strengthen its cooperation with the bank, expanding its scope of bilateral relations to advance development through public and private sector partnerships.
Rousseff commended Egypt for hosting the bank’s first forum in June, noting the centrality of the Egyptian economy at the regional level. She expressed the NDB’s interest in strengthening cooperation with the Egyptian government to support development efforts.
The two sides discussed ways to build on previous collaborations, such as the NDB’s contribution to financing the 1.1-gigawatt Suez Wind Power Plant project, which supports Egypt’s goal of achieving 42% renewable energy by 2030. Al-Mashat emphasised the ministry’s commitment to advancing joint relations with the bank in alignment with the government’s priorities for increasing the role of the private sector in development.
The meeting also addressed financing tools provided by the NDB, including its expansion of financing in local currencies and the provision of technical support and financing to both public and private sectors. The bank also offers feasibility studies for various projects.
Al-Mashat highlighted the productive discussions that took place at the first NDB forum in Egypt, which focused on developing and implementing comprehensive regulatory frameworks to support institutional development and attract private sector investment, promoting green energy projects, enhancing logistical infrastructure to facilitate global trade, and strengthening cooperation between countries of the South.
The two sides also discussed the Egyptian government’s efforts to attract investments in green transformation through the Country Platform “NWFE” Program, which focuses on the water, food, and energy sectors.
Al-Mashat underscored the new government’s commitment to developing economic policies and integrating the Economic and Social Development Plan with joint relations with development partners to support sustainable development efforts.
The meeting emphasised the potential of South-South cooperation to address common challenges, promote sustainable development, and enhance economic resilience in the global South, particularly regarding debt crises and climate change.
Finally, the meeting addressed ways to strengthen cooperation with the bank to promote the stability of the Egyptian economy and development initiatives in the Suez Canal area, which Al-Mashat highlighted as a strategically important region for world trade and the future of the Egyptian economy.
