NDB Seminar in Egypt: Unlocking New Pathways for Sustainable Development
NDB Seminar in Egypt brought together global leaders and experts to discuss collaboration among BRICS+ and EMDCs for sustainable development, leveraging Egypt's strategic position and commitment.
Cairo, Egypt (June 13, 2024) - The vibrant city of Cairo witnessed a convergence of influential leaders, policymakers, and experts from across the globe as the New Development Bank (NDB) hosted its seminal event, "NDB Seminar in Egypt: Navigating New Horizons." Held under the high patronage of Abdelfattah El-Sisi, President of the Arab Republic of Egypt, this two-day seminar on June 11th and 12th marked a historic milestone, being the first NDB Seminar in a BRICS+ country.
The seminar's overarching theme was to foster collaboration among BRICS+ countries and other emerging markets and developing countries (EMDCs) in advancing sustainable development initiatives. With Egypt's strategic location and commitment to sustainable growth, the event aimed to deepen understanding and forge partnerships aligned with the United Nations Sustainable Development Goals (SDGs), offering opportunities for strategic investments and project collaborations.
Keynote Addresses and Panel Discussions:
The seminar commenced with a series of keynote addresses by notable figures, including Dr. Mostafa Madbouly, Prime Minister of Egypt, Ms. Dilma Rousseff, President of the NDB, and Dr. Rania A. Al Mashat, Minister of International Cooperation, Egypt. Their insightful remarks set the tone for the discussions, highlighting Egypt's resilience, economic diversification, and the country's commitment to sustainable development through initiatives like "Egypt Vision 2030."
The first panel, "Egypt's Blueprint for Pathways Towards Growth & Investment," delved into the country's economic resilience, sustainable development projects, energy initiatives, and infrastructural innovations. Panelists emphasized the importance of financial inclusion strategies and the role of international cooperation in achieving sustainable development goals.
The second panel, "NDB & Leveraging Investment for Egypt's Sustainable Development Strategies," explored NDB's innovative financial instruments beyond traditional loans, such as technical assistance, partial credit guarantees, and equity investments. Discussions focused on the effectiveness of these tools in addressing development challenges and sharing best practices from various member countries.
On the second day, the panel "Egypt as a Connectivity Hub" examined the country's strategic efforts in becoming a regional and international transport and logistics hub. Panelists discussed the expansion of the Suez Canal, developments in digital infrastructure, and Egypt's role in key trade blocs like the African Continental Free Trade Area (AfCFTA).
The final panel, "Enhancing Global Development through South-South Cooperation," highlighted Egypt's contributions to South-South cooperation and the role of the Ministry of International Cooperation in advancing these initiatives. Discussions centered on the evolving dynamics of international development, successful models of triangular cooperation, and the role of innovative financing solutions in fostering sustainable development goals within the Global South.
Participants and Stakeholders:
The seminar brought together a diverse array of participants, including Mr. Mohamed Maait, Minister of Finance, Egypt, Mr. N.K Singh, Chairman of the 15th Finance Commission & President of Institute of Economic Growth, India, and representatives from various sectors such as transport, civil aviation, and economic zones. Senior NDB officials, including Mr. Vladimir Kazbekov, Vice President & Chief Operating Officer, and representatives from other multilateral development banks, such as the African Development Bank, also contributed their insights.
Private sector representatives, including Mr. Khaled Abou Bakr from TAQA Arabia and Mr. Tarek Fayed, Chairman of Banque Du Caire, added valuable perspectives on leveraging investment opportunities and fostering public-private partnerships.
Outcomes and Way Forward:
The seminar served as a vital platform for stakeholders to share experiences, lessons learned, and best practices, while identifying areas where further efforts and deeper integration are needed. Discussions highlighted the potential of South-South cooperation in addressing the unique challenges faced by countries in the Global South, and the role of innovative financing solutions in fostering sustainable development goals.
Egypt's contributions to South-South cooperation and its role in advancing initiatives like the Egypt International Cooperation Forum (ICF) and the "Sharm El-Sheikh Guidebook for Just Financing" were recognized as significant milestones in promoting sustainable development principles within the Global South.
As the seminar concluded, participants expressed their commitment to continued collaboration and knowledge-sharing, recognizing the NDB's pivotal role in mobilizing resources for infrastructure and sustainable development projects in BRICS and other EMDCs. The event reinforced the importance of multilateral cooperation in achieving the SDGs and fostering a prosperous and inclusive global community.