MEMPHIS REISEN

Egypt’s Al-Mashat, New Development Bank’s President explore investment opportunities ahead of inaugural seminar – Dailynewsegypt

Egypt’s Minister of International Cooperation, Rania Al-Mashat, met with Dilma Rousseff, President of the New Development Bank (NDB) and former President of Brazil, at the Ministry’s headquarters in the New Administrative Capital on Monday.

The meeting, held ahead of the NDB’s inaugural seminar in Egypt, focused on areas of potential cooperation and investment opportunities.

Rousseff emphasised Egypt’s strategic importance as a regional hub, highlighting the potential for investment in the Suez Canal Economic Zone, the country’s extensive infrastructure network, and sectors such as education, technology, and health. She also noted the significance of emerging economies investing in technology and innovation to keep pace with global developments.

Al-Mashat welcomed Rousseff’s visit, stating that it reflects Egypt’s commitment to strengthening ties with various development partners and promoting innovative financing mechanisms. She emphasised the strong interest from the Egyptian business community, think tanks, and other stakeholders in the NDB’s inaugural seminar, highlighting the bank’s role in supporting development in developing countries and emerging economies.

During the meeting, Al-Mashat presented a report detailing Egypt’s partnerships with development partners from 2020 to 2023. The report highlighted various projects implemented, efforts to promote climate action through the “NWFE” program, and key initiatives such as the “Takaful & Karama” social protection program and the social housing program.

The NDB, established by the BRICS nations (Brazil, Russia, India, China, and South Africa), aims to mobilise resources for infrastructure and sustainable development projects in emerging economies. Egypt recently became a member of both the NDB and the BRICS group.