Egypt’s Minister of International Cooperation Rania el-Mashaat is participating in the two-day annual meeting of the New Development Bank (NDB), which kicked off in Shanghai, China on Tuesday.
The 8th NDB Annual Meeting is themed ‘Shaping a New Era for Global Development’ is intended to boost infrastructure development projects.
El-Mashaat said her ministry is committed to strengthening development co-operation with multilateral and bilateral development partners and promote a national development vision consistent with the UN sustainable development goals (SDGs).
Egypt’s membership of the NDB enhances efforts by the Egyptian government to promote development and integrate efforts with emerging economies and developing countries to mobilise the necessary resources to finance infrastructure projects and sustainable development, the minister said.
NDB, formerly referred to as the BRICS Development Bank, headquartered in Shanghai, China, announced Egypt’s addition to the list of major emerging countries — namely Brazil, India, China, Russia and South Africa.
The bank supports sustainable development and strengthens regional cooperation and integration by investing mainly in infrastructure, energy, transport, health, water and communications.
BRICS set up the NDB at their fourth summit in New Delhi in 2012.
Since its establishment, the NDB has approved of total $32 billion funding for 90 projects in transport, water supply, clean energy, digitisation, social infrastructure and civil construction.