The New Development Bank, NDB of the BRICS+ bloc of nations has held its first international forum in Egypt’s New Administrative Capital. The two-day Forum that kicked off on Tuesday, is taking place under the auspices of Egyptian President Abdel Fattah al-Sisi.
Egyptian Prime Minister Mostafa Madbouly has participated in the opening session of the first international forum of the New Development Bank (NDB) in the New Administrative Capital. The forum that kicked off on Tuesday, is holding under the auspices of President Abdel Fattah Al-Sisi. The two-day event, holding under the theme : « Exploring New Horizons, » 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.
It has brought together a high-level delegation from the bank, led by its president, Dilma Rousseff, along with ministers, ambassadors, parliamentarians, and representatives from international bodies, development partners, and the private sector. Egyptian Minister of International Cooperation Rania Al-Mashat while addressing the seminar, said the seminar opens 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 formulate ideas that contribute to shaping the bank’s vision within the framework of multilateral development banks. Egyptian Prime Minister Mostafa Madbouly for his part indicated that Egypt believed the establishment of the NDB was necessary to facilitate access to concessional financing, highlighting that the expansion of the NDB and BRICS membership would contribute to achieving a desired balance in the global monetary system.
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., the NDB is a multilateral development bank established in 2015 by BRICS countries, aimed at mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging market economies as well as developing countries.
