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Egypt important to the global economy: BRICS' Dev. Bank

Egypt, with its geographical location, acts as a gateway between Asia and Africa and is a crucial corridor for global trade.
12.06.24 | Source: Ahram Online

Rousseff made the statements during her speech during the first international seminar of the bank that kicked off on Tuesday in the New Administrative Capital.

She added that Egypt holds a significant share of global trade and is one of the most industrially advanced African countries, and has a large population with immense human capacity to achieve high economic growth rates.

“Egypt has a pioneering experience in its national projects to support the local economy,” Rousseff affirmed.

She explained that a mission of the NDB visited several major national projects in Egypt, observing the country’s capability to design and implement strategic projects aligned with the sustainable development goals and the vision of the bank.

These projects include the fully-smart New Administrative Capital built according to the latest global technological standards, the expansions of the Suez Canal, the Suez Canal Economic Zone (SCZone), and various energy and digital infrastructure related projects that mark a significant shift in the nature of the local Egyptian economy, serving as success models for other member states.

Rousseff also stated that Egypt's membership in the NDB supports the bank's focus on cooperation among developing countries, enabling significant growth rates for these countries.

She emphasized the bank's commitment to supporting Egypt through financing and technical assistance while expanding support to new members, primarily Egypt and Bangladesh.

“Through this seminar, the bank will work closely with Egypt to understand its needs and goals more deeply, aligning with sustainable development goals, particularly in digital infrastructure, transport, and water sectors,” Rousseff noted.

Rousseff is scheduled to visit the Suez Canal Economic Zone on Wednesday.

Growth of developing countries

Rousseff said that the bank has invested approximately $35 billion in green projects, allowing developing countries to follow global steps and face global economic challenges in a world confronting successive economic crises.

She stressed that developing countries are currently the main driver of the economy, with their contribution to global trade increasing from 37 percent in 2016 to 41 percent in 2022, while the contribution of developed countries decreased from 62 percent to 58 percent during the same period.

On his side, Egypt’s Prime Minister Mostafa Madbouly said during his speech that the strategic orientation towards the BRICS group and its NDB should not be interpreted in any way as antagonistic towards any party or as an attempt to confront the existing system.