Egypt is committed to strengthening cooperation with the New Development Bank and establishing bilateral and multilateral partnerships with BRICS countries, says Finance Minister Mohamed Maait.

Maait, the Governor of Egypt at the New Development Bank, added that the collaboration aims to strengthen solidarity among nations in addressing the current global economic challenges, which have significantly impacted developing countries.

The Minister spoke at the New Development Bank’s Board of Governors meeting at the Shanghai, China headquarters.

Maait emphasized the importance of international development partners adopting more suitable programs to enhance the capabilities of emerging economies without imposing excessive financial burdens.

The top official noted that collaborating will strengthen solidarity among nations in addressing the current global economic challenges.

The Bank’s significant financing capabilities and advanced international expertise contribute to a portfolio that promotes green growth, supports Egypt’s development path in various sectors, and is aligned with Egypt’s Vision 2030, said the Minister.

Maait also highlighted Egypt’s commitment to diversifying funding sources to meet development needs and alleviate burdens while improving the standard of living and public services.

He said that Egypt is looking for international partners’ support, including the New Development Bank, to complete its development journey and enhance its capabilities for green recovery by stimulating investments in environmentally friendly projects and creating financial space for developing countries to invest in infrastructure.

For her part, Minister of International Cooperation Rania al-Mashat said that Egypt’s accession to the membership of the Bank enhances its efforts to promote development and achieve integration with emerging economies and developing countries to mobilize the necessary resources to finance infrastructure projects and sustainable development.

Mashat pointed out that Egypt’s membership reflects the steps implemented to enhance international cooperation, development financing, and the creation of constructive partnerships with international institutions and multilateral development banks.

New Development Bank (NDB) is a Shanghai-based multilateral development bank established by Brazil, Russia, India, China, and South Africa (BRICS).

Since its inception, the Development Bank has approved over 90 financing projects worth $32 billion in transportation, water supply, clean energy, digital and social infrastructure, and construction.

The Bank supports sustainable development and enhances regional cooperation and integration by investing mainly in infrastructure. It expanded its operations to include the health and social infrastructure, considering the negative economic impact of the COVID-19 pandemic on the global economy.

In 2012, BRICS countries agreed to establish the Bank with a capital of $100 billion during their fourth summit in New Delhi.