New Development Bank Organised Int’l Seminar In Egypt

New Development Bank Organised Int’l Seminar In Egypt

CAIRO, Jun 12 (NNN-MENA) – An international seminar, organised by the New Development Bank (NDB), kicked off yesterday, in Egypt’s New Administrative Capital, under the patronage of Egyptian President, Abdel-Fattah al-Sisi.

Themed “Navigating New Horizons,” the two-day seminar aims to introduce the NDB’s operations, enhance cooperation between the government and the private sector, and explore future collaboration opportunities, among founding and new BRICS members, Egypt’s Ministry of International Cooperation, a co-organiser, said in a statement.

The seminar, held for the first time outside BRICS founding member states, comes after Egypt joined the NDB in Mar, last year, and was officially approved for membership in the BRICS group earlier this year.

While addressing the seminar, Egyptian Minister of International Cooperation, Rania Al-Mashat, said, the seminar opened new horizons for effective development cooperation, among developing and emerging economies, facing exceptional economic and geopolitical conditions, which have high hopes for the partnership with the NDB to accelerate sustainable development.

She noted that, the seminar represented an opportunity to generate ideas that contribute to shaping the bank’s vision, within the framework of multilateral development banks.

For his part, Egyptian Prime Minister, Mostafa Madbouly, said, Egypt believed the establishment of the NDB was necessary, to facilitate access to concessional financing, stressing that the expansion of the NDB and BRICS membership would contribute to achieving a desired balance in the global monetary system, according to a statement by the Egyptian cabinet.

Meanwhile, President of the NDB, Dilma Rousseff, stressed the importance of strengthening the economic and development capacity of member states, fighting poverty, and increasing the ability to confront global shocks, noting that, member states have a lot of potential that must be invested in, said the cabinet’s statement.

Established in 2015 by BRICS countries, the NDB is a multilateral development bank, aimed at mobilising resources for infrastructure and sustainable development projects, in BRICS and other emerging market economies, as well as, developing countries.– NNN-MENA  


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