H.E. Dr. Rania Al-Mashat: Egypt’s accession to the BRICS Group reflects alignment of visions and shared development goals.

Minister of Planning, Economic Development & International Cooperation & Egypt’s Governor at the New Development Bank Delivers Egypt’s Speech at the Main Session of the Bank's Board of Governors Meeting in South Africa:
H.E. Dr. Rania Al-Mashat: Egypt’s accession to the BRICS Group reflects alignment of visions and shared development goals.

We are working to enhance inclusive growth through fostering partnerships with New Development Bank members.

We are implementing a comprehensive economic and structural reform program to bolster macroeconomic stability.

Establishing institutional frameworks for cooperation among BRICS countries stimulates efforts to attract more investments.

Multilateral development banks play a crucial role in closing the financing gap in developing countries and encouraging private investments.

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation and Egypt’s Governor at the New Development Bank (NDB), participated in the the 9th annual meeting of the Bank’s Board of Governors, held under the theme "Investing in a Sustainable Future" from August 28 to 31 in Cape Town, South Africa. The meeting was attended by Dilma Rousseff, President of the NDB and former President of Brazil, as well as the Governors of member countries, business representatives, and relevant stakeholders.

 

At the outset of her speech, H.E. Dr. Al-Mashat expressed gratitude to South Africa for hosting the Bank's annual meetings and its role in supporting the Bank's mission since its inception.

 

Egypt and the BRICS Group

 

H.E. Minister Al-Mashat clarified that while the annual meetings of the New Development Bank are held under the theme "Investing in a Sustainable Future," achieving this goal relies not only on individual country efforts but also on strong partnerships. Egypt’s accession to BRICS this year signifies recognition of Egypt’s economic potential and reflects the alignment of visions and goals among BRICS countries to enhance inclusive growth through cooperation between emerging and developing markets.

 

H.E. Dr. Al-Mashat noted that with major emerging economies under the NDB, which is part of the BRICS grouping, Egypt is fully prepared to work alongside partner countries to advance South-South cooperation and contribute to mutual prosperity and global development. She highlighted that establishing institutional frameworks for cooperation among BRICS countries encourages efforts to attract more investments.

 

Multilateral Cooperation

 

The Minister continued that the annual meeting of the NDB’s Board of Governors underscores our collective commitment to achieving sustainable development, which has become increasingly important during these challenging times. The conference theme "Investing in a Sustainable Future" is especially significant in a world facing unprecedented challenges, including the lingering effects of the COVID-19 pandemic, climate change, and geopolitical tensions affecting peace and security, particularly in the Middle East.

 

H.E. Dr. Al-Mashat emphasized Egypt’s belief in the importance and strength of multilateral cooperation, especially given its strategic geographic location connecting Africa, Asia, and Europe, which has historically made it a key hub for trade, culture, and innovation. This enhances Egypt’s role in South-South economic cooperation and contributes to the global development agenda.

 

Comprehensive Economic Reform Program

 

H.E. Minister Al-Mashat highlighted Egypt’s comprehensive economic reform program implemented over the past decade aimed at restoring macroeconomic stability and promoting inclusive and quality growth. Despite significant achievements, including improved financial conditions, investor confidence, and job creation, challenges remain due to external shocks and global economic instability.

 

NDB Forum in Egypt

 

Regarding strengthening the partnership between Egypt and the NDB, H.E. Dr. Al-Mashat spoke about hosting the Bank’s first forum in Egypt titled “Navigating New Horizon” under the patronage of H.E. President Abdel Fattah El-Sisi last June. This forum, the first of its kind in a BRICS+ country, follows Egypt’s accession to the group and enhances cooperation between the group and other emerging and developing markets to drive sustainable development initiatives.

 

The Minister noted that the conference highlighted the importance of establishing regulatory frameworks to attract private investment, which is essential for achieving sustainable development goals. Discussions and actionable insights from the conference are already influencing policy directions, particularly in green energy and infrastructure development.

 

Infrastructure Financing Gap in Africa

 

H.E. Dr. Al-Mashat emphasized the pivotal role of international financial institutions and multilateral development banks, including the NDB, in addressing the vast infrastructure needs in emerging and developing markets. She noted that Africa alone faces an infrastructure financing gap of $108 billion annually, reflecting the Bank’s role in providing financial resources and stimulating private investments and co-financing arrangements to enhance collective impact.

 

Climate Action Initiatives

 

H.E. Minister Al-Mashat discussed Egypt’s focus on promoting climate action through green energy initiatives as part of its national climate strategy. She mentioned the “NWFE” program, a nexus of water, food, and energy projects, which aims to accelerate the national climate agenda, mobilize climate finance, and attract private investments to support Egypt’s green transition. She expressed hope for the Bank’s support in this area, whether through direct financing or technical assistance.

 

H.E. Dr. Al-Mashat emphasized that, given the global challenges, exploring innovative financing solutions such as blended finance, carbon credits, and debt-for-climate swaps is essential. These solutions are crucial for attracting and sustaining investment in climate-resilient projects, requiring collaborative efforts from all relevant parties, including governments, multilateral development banks, the private sector, and philanthropic organizations.

 

South-South Cooperation

 

H.E. Minister Al-Mashat highlighted the role of the G20 in supporting multilateral development banks to assist various countries in achieving sustainable development. She noted that South-South cooperation is a cornerstone of strategies for emerging and developing markets to exchange knowledge and best practices. The NDB can facilitate this cooperation by providing a platform for emerging economies.

 

H.E. Dr. Al-Mashat reaffirmed Egypt’s firm commitment to supporting the NDB in achieving its shared mission of enhancing sustainable development in the global South and expressed anticipation for continued cooperation and tangible outcomes from this year’s meeting, ensuring the Bank remains at the forefront of global efforts to create a just, more sustainable, and prosperous world.

 

In conclusion, Minister Al-Mashat emphasized several key points, including "country ownership," collaborative work among various multilateral development banks, and the importance of clarity in countries' plans. She highlighted the significance of the NDB’s initiatives, such as the capital adequacy framework and discussions on local currency financing, as essential tools for enhancing global development.

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation Speech