Madame President Dilma Rousseff,
Excellencies,
Distinguished Governors and Esteemed Colleagues,
It is an honor to stand before you today at the eleventh Annual Meeting of the New Development Bank in the beautiful city of Moscow. I would like to extend my gratitude to our hosts, the Russian Federation, for their warm hospitality.
Our meeting today is a testament to our collective commitment to sustainable development, a shared mission that has become ever more crucial in these challenging times. The theme of this year’s meeting, “Development Financing in an Era of Technological Revolution” resonates deeply with the India’s presidency for BRICS, whose main theme is “Building for Resilience, Innovation, Cooperation and Sustainability”.
This reflects the strong alignment among Global South countries’ priorities toward fostering a more inclusive, resilient, and sustainable international development architecture that is capable of responding to evolving global challenges and aspirations in a world that is grappling with unprecedented challenges ranging from the lingering effects of the COVID-19 pandemic, climate change and geopolitical tensions affecting peace and security particularly in the Middle East.
Dear Colleagues,
We are witnessing a world undergoing rapid and profound change. Global supply chains are being reconfigured, while climate change continues to pose unprecedented challenges to our societies and economies.
Amid this evolving landscape, a unique opportunity has emerged to reposition our economies within global value chains through the adoption of emerging technologies and innovative financial instruments, with the objective of strengthening economic resilience and enhancing long-term sustainability.
Innovation plays a key role in promoting sustainable economic development, by enhancing productivity, creating new markets, and fostering competitive advantages, ultimately leading to economic growth and improved living standards.
Hence, digital technologies—especially artificial intelligence—are no longer peripheral tools but central enablers in addressing complex, interdependent developmental challenges.
Against this backdrop, the Egyptian government has exerted relentless efforts towards building “Digital Egypt” by fostering a knowledge-based economy, enhancing government services, and investing in tech infrastructure and human capital.
Egypt has also launched its Second National AI Strategy (2025–2030) which is built on integrating investments in digital infrastructure with the development of human capital aligned with future labor market needs. The government aims to train approximately 30,000 AI specialists by 2030, enhancing national capabilities in developing and localizing advanced technologies.
These efforts have yielded tangible results, where the ICT sector in Egypt has been the highest-growing sector in Egypt over the past 8 years, maintaining a sustained annual growth rate of 14–16%.
Moreover, Egypt has made notable progress in the 2025 Government AI Readiness Index, advancing 14 positions globally to rank 51st out of 195 countries, compared to 65th in 2024. Egypt also rose to rank 3rd among Arab countries in 2025, up from 7th in 2024, while leading the African continent in the same index.
These achievements contribute to strengthening investor confidence and reinforcing Egypt’s ability to leverage technology for tangible economic and societal impact.
Esteemed Partners,
In recent years, Development Finance Institutions have increasingly tapped into the opportunities presented by the digitalization of the financial sector to promote inclusive growth, enhance financial accessibility, improve efficiency, and foster innovation-driven development.
To effectively drive development and foster innovation in the Global South, multilateral banks specially the New Development bank can promote their engagement by implementing targeted strategies that address local challenges and promote sustainable growth.
Exploring innovative financing mechanisms, including blended finance and public-private partnerships, is essential to support emerging economies in advancing their digitalization efforts.
Establishing bank-led innovative incubators focused on specific community needs will enable the creation of tailored solutions that resonate with unique contexts, supported by the funding and resources provided by these banks.
Esteemed colleagues,
I reaffirm Egypt’s unwavering commitment to support the New Development Bank in achieving our shared mission of fostering sustainable development across the Global South particularly in the field of digital transformation. The challenges we face are complex, but through cooperation, innovation, and determination, we can build a resilient future for all.
I look forward to our continued collaboration and to the tangible outcomes that will undoubtedly emerge from this year’s meeting. Together, we can ensure that the NDB as a bank established by and for emerging economies remains at the forefront of global efforts to create a more equitable, sustainable, and prosperous world.
Thank you.