Egypt’s accession to the Global Development Initiative in July 2023 presents an opportunity to explore avenues for establishing and strengthening development partnerships between Egypt, the New Development Bank, China, and the Asian Infrastructure Investment Bank.
As Minister Al-Mashat articulated, this collaboration aims to facilitate the implementation of multiple projects through concessional development financing and knowledge transfer.
During her opening speech at the inaugural New Development Bank seminar in Egypt, Minister Al-Mashat highlighted that this is the first seminar to be held outside the bank’s founding countries. This underscores the event’s significance, as it expands the reach and impact of the bank’s initiatives.
At the seminar, she underscored the significant timing of the event, which comes after President Abdel Fattah El-Sisi’s recent visit to China, Egypt’s participation in the Korea-Africa summit, the annual meetings of Arab financial institutions in Egypt, and the International Finance Corporation meetings hosted by Cairo. Notably, it also precedes the European Union (EU) investment conference at the end of the month, showcasing Egypt’s diverse foreign policy and its robust economic relations with development partners.
Al-Mashat emphasized the significance of developing and emerging economies’ current economic and geopolitical challenges amid successive global crises. She also highlighted the inadequacy of the existing multilateral development bank system in meeting these nations’ developmental needs. Al-Mashat underscored that this seminar is essential in exploring new avenues for practical development cooperation.
During the New Development Bank seminar, it was emphasized that this event offers an opportunity to generate ideas to shape the bank’s vision within the context of multilateral development banks. Some key focus areas include expanding the use of national currencies, increasing the use of debt swap mechanisms to address climate change, and facilitating the private sector’s access to concessional financing.
The Minister has ensured that the seminar’s agenda aligns with areas of shared interest and collaboration opportunities between the public and private sectors. Its goal is to apprise the Egyptian business community of the diverse and innovative financing tools and mechanisms the bank provides to bolster development funding opportunities in Egypt.
Al-Mashat expressed a strong interest in the New Development Bank and chaired the meeting of multilateral development bank heads held on the sidelines of the spring meetings in Washington in April 2023.”Egypt’s accession to the Global Development Initiative in July 2023 presents an opportunity to explore avenues for establishing and strengthening development partnerships between Egypt, the New Development Bank, China, and the Asian Infrastructure Investment Bank. As Minister Al-Mashat articulated, this collaboration aims to facilitate the implementation of multiple projects through concessional development financing and knowledge transfer.
During her opening speech at the inaugural New Development Bank seminar in Egypt, Minister Al-Mashat highlighted that this is the first seminar to be held outside the bank’s founding countries. This underscores the event’s significance, as it expands the reach and impact of the bank’s initiatives.
During her opening speech at the inaugural New Development Bank seminar in Egypt, Al-Mashat emphasized that the workshop signifies the outcome of efforts over a year ago when Egypt took part in the New Development Bank Board of Governors meeting in Shanghai after its official membership in 2023. She highlighted that the groundwork for this seminar was established during the Shanghai meeting.
At the seminar, she underscored the significant timing of the event, which comes after President Abdel Fattah El-Sisi’s recent visit to China, Egypt’s participation in the Korea-Africa summit, the annual meetings of Arab financial institutions in Egypt, and the International Finance Corporation meetings hosted by Cairo. Notably, it also precedes the European Union (EU) investment conference at the end of the month, showcasing Egypt’s diverse foreign policy and its robust economic relations with development partners.
Al-Mashat emphasized the significance of developing and emerging economies’ current economic and geopolitical challenges amid successive global crises. She also highlighted the inadequacy of the existing multilateral development bank system in meeting these nations’ developmental needs. Al-Mashat underscored that this seminar is essential in exploring new avenues for practical development cooperation.
During the New Development Bank seminar, it was emphasized that this event offers an opportunity to generate ideas to shape the bank’s vision within the context of multilateral development banks. Some key focus areas include expanding the use of national currencies, increasing the use of debt swap mechanisms to address climate change, and facilitating the private sector’s access to concessional financing.
The Minister has ensured that the seminar’s agenda aligns with areas of shared interest and collaboration opportunities between the public and private sectors. Its goal is to apprise the Egyptian business community of the diverse and innovative financing tools and mechanisms the bank provides to bolster development funding opportunities in Egypt.
Al-Mashat expressed a strong interest in the New Development Bank and chaired the meeting of multilateral development bank heads held on the sidelines of the spring meetings in Washington in April 2023.
The NDB, headquartered in Shanghai, was established in 2014 by the BRICS nations with an initial authorized capital of $100bn.
It focuses on financing infrastructure and sustainable development projects, having already financed 96 projects worth $33bn. Egypt, Bangladesh, and the UAE are the newest members of the bank.
