Egypt's Planning Minister Initiates BRICS Partnership in Debut NDB Dialogue

In her inaugural meeting with the President of the New Development Bank (NDB), Egypt's Minister of Planning and Economic Development, Dr. Hala El-Said, expressed Egypt's aspiration to strengthen collaboration with BRICS nations. 

The meeting took place on the sidelines of the 17th Asian Financial Forum in Hong Kong, themed "Multilateral Cooperation for a Common Tomorrow."

Dr. Hala El-Said discussed avenues for enhancing future cooperation with Dilma Rousseff, President of NDB, emphasizing the need for a partnership befitting the capabilities of the BRICS nations. The meeting, attended by leaders from the public and private sectors, explored ways to solidify ties.

During the encounter, Minister El-Said affirmed Egypt's interest in deepening collaboration with the Development Bank and BRICS member states, aiming to build an impactful partnership. She expressed satisfaction with the authentic desire for cooperation witnessed in her first meeting with the Bank's President.

El-Said highlighted a significant increase in Egypt's imports from BRICS countries by approximately 33% compared to 2020. 

Additionally, Egypt's exports to BRICS countries saw a 75% surge compared to 2020. 

She pointed out that Egypt holds 11,960 common shares, representing 2.27% of the Bank's joint capital.

The Minister underscored the role of the Ministry of Planning in formulating the state's investment plan and directing public investments to benefit communities in need. 

The government's focus, since the launch of Egypt Vision 2030, includes strategic investments for sustainable and inclusive development.

The meeting also featured a review of the New Development Bank's role and operations. Established in 2015 in Shanghai by BRICS countries, NDB expanded its membership in 2021. Bangladesh, Egypt, the UAE, and Uruguay joined as new members. The Bank's operations span clean energy, infrastructure, and social development, with approval for 96 projects totaling $32.8 billion.

Dr. El-Said and the NDB President discussed the bank's 2022-2026 strategy, which includes achieving various goals and offering a range of financial tools. NDB collaborates with multiple development institutions, exploring financing opportunities, facilitating knowledge exchange, providing technical assistance, and sharing resources.

The meeting concluded with a reaffirmation of commitment to a dynamic partnership that aligns with the collective vision for a shared and sustainable future.