Egypt’s hosting of 1st ever New Development Bank outside of BRICS founding countries highlights growing role in group

Cairo – June 9, 2024: The New Administrative Capital will host the first ever international forum of the New Development Bank (NDB) outside the founding BRICS countries on Tuesday, June 11th.

The two-day forum will cover various topics, including Egypt's development plans, its role in global development enhancement, and the promotion of cooperation among Southern countries, explained a statement from the Ministry of International Cooperation (MoIC).

Under the patronage of President Abdel Fattah El-Sisi, Egypt’s selection as the first country outside of the founding members to hold a BRICS meeting marks a significant milestone for the country and NDB.

Minister of International Cooperation Rania Al-Mashat emphasized the significance of hosting the forum, stating that it symbolizes Egypt's growing role within the BRICS group and underscores the country's commitment to leveraging innovative mechanisms for development.

She also highlighted the NDB's potential to foster cooperation among Southern countries and reform the global financial structure to support emerging economies.

The forum will feature a high-level delegation from the NDB, led by former Brazilian President Dilma Rousseff, who currently serves as the bank's president.

Anil Kishora, Vice President and CEO of the Bank, alongside heads and directors from various sectors, will also participate, while Egypt's delegation includes Al-Mashat, Minister of Finance Mohamed Maait, and other key officials.

NDB president Rousseff expressed her eagerness at holding the forum in Egypt, emphasizing the bank’s commitment to strengthening cooperation with Egypt to support development efforts.

The NDB will showcase its financial tools and solutions aimed at supporting global development initiatives.

The NDB, established in 2014 by the BRICS group comprising Brazil, Russia, India, China, and South Africa, focuses on financing infrastructure projects and sustainable development.

Egypt joined the NDB in March 2023 and obtained official approval for BRICS association earlier this year.

Minister of Foreign Affairs Sameh Shoukry is also actively engaging with BRICS, attending the BRICS' foreign ministers meeting in Nizhny Novgorod, Russia, which started on Sunday. These bilateral meetings are expected to focus on strengthening relations and cooperation between Egypt and BRICS member states.