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Egypt to host BRICS bank 1st int'l forum

Egypt's New Administrative Capital will host the New Development Bank's (NDB) first international forum outside the BRICS countries on 11-12 June.
09.06.24 | Source: Ahram Online

The NDB, the BRICS’s financial arm, has organized the forum in collaboration with the Egyptian Ministry of International Cooperation.

The anticipated event aims to introduce the bank's operations, strengthen cooperation with the government and private sector, discuss future cooperation opportunities between the BRICS founding members and the new members, and maximize the use of the bank's cooperation potential, the Egyptian ministry said in a statement.

A high-level NDB delegation, headed by the NDB President and former President of Brazil Dilma Rousseff and Vice President and Executive Director of the bank Anil Kishora, is expected to attend the forum.

Moreover, Egypt’s Minister of International Cooperation Rania Al-Mashat, Minister of Finance Mohamed Maait, and several other ministers will participate in the event, along with the heads of the General Authority for Investment and Free Zones (GAFI) and the Suez Canal Economic Zone.

A large number of officials from international institutions, development partners, economic experts, and think tanks are also expected to join the event.

The South cooperation

The forum comes after Egypt joined the NDB in March 2023 and was officially approved to join the BRICS group at the beginning of 2024. 

The gathering will discuss various topics, including Egypt's plans to achieve development and its role in enhancing global development and promoting cooperation between the South countries.

The bank will also present its financing tools and solutions to support global development.

"The launch of the first international forum for the bank in Egypt is a qualitative leap with the beginning of Egyptian relations with the bank. It also reflects the weight that Egypt enjoys as an emerging country among the BRICS group,” said Minister Al-Mashat, who acts as the Alternate Governor for Egypt at the bank.

"I am pleased that the bank's first forum is being held in Egypt, and I look forward to strengthening cooperation with Egypt to support development efforts,” President Rousseff stated.

The NDB, headquartered in Shanghai, China, was established in 2014 with an authorized initial capital of $100 billion by the BRICS group.

It is a multilateral bank that focuses on mobilizing resources for infrastructure and sustainable development projects in emerging markets and developing countries.

To date, it has successfully financed 96 projects worth $33 billion.

The bank has recently approved the membership of Egypt, Bangladesh, and the UAE.

The NDB seeks to bridge the gap in the global financial system through innovative solutions.

The forum is expected to strengthen cooperation between Egypt and the NDB and promote development efforts in the country.