President receives Chief of New Development Bank

Egypt’s President Abdel Fattah El Sisi received on Wednesday the President of the New Development Bank (NDB) Dilma Rousseff and her accompanying delegation.

The meeting was attended by acting Minister of International Co-operation Rania al-Mashat, and acting Finance Minister Mohamed Maeet, Presidency Spokesman Ahmed Fahmy said.

The meeting reviewed the relations between Egypt and the NDB, which constitutes the economic arm of the BRICS group.

President Sisi reiterated Egypt’s pride in hosting the bank’s first international forum, which is currently being held in the New Administrative Capital (NAC). It is also the first of its kind for the NDB’s member states, Spokesman Fahmy added.

President Sisi stressed the importance of the forum and its role in advancing efforts to facilitate transactions in local currencies among member states, introducing mechanisms to support the private sector, as well as discussing opportunities of future co-operation among BRICS founders, and new member states.

In addition, President Sisi highlighted the determinants of Egypt’s vision pertaining to the importance of South-South partnerships for achieving goals of national development, Spokesman Fahmy said.

The president also voiced Egypt’s hopes to follow up the NDB’s future plans, particularly regarding the innovative mechanisms and guarantees the bank offers, as well as the technical support it provides to governments and private sector, as part of its broader role in contributing to reforming the global financial structure, and establishing a supportive international environment for emerging economies and developing countries.

For her part, the President of NDB Dilma Rousseff voiced appreciation for Egypt’s joining the bank and hosting the forum, Fahmy noted.

She also stressed keenness on working with Egypt to play an active role in supporting member states and the developing nations in general, in a manner that backs efforts to improve the global economic system to become more just and supportive of development efforts.

In addition, she commended Egypt’s successful development experience, referring to New Administrative Capital and the new cities.

Rousseff expressed high interest in Egypt’s efforts to develop unsafe areas and provide alternative safe, well-planned and civilised ones, which led to positive and tangible development in the standard of living of millions of the neediest classes.