Madam President Dilma Rousseff,
Excellencies,
Distinguished Governors and Esteemed Colleagues,
It is an honor to stand before you today at the Tenth Annual Meeting of the Board of Governors of the New Development Bank, convened here in the vibrant city of Rio de Janeiro, Brazil. Allow me, at the outset, to express my sincere appreciation to our esteemed hosts for their warm hospitality and the exemplary organization of this year’s proceedings.
Indeed, this meeting stands as a powerful testament to our collective commitment to advancing sustainable development and global prosperity. The theme of this year’s meeting—“Driving Development: Fostering Innovation, Cooperation, and Impact through a Multilateral Development Bank for the Global South”—captures the essence of our shared mission during a time of extraordinary shifting economic realities, regional dynamics, and the increasing demand for more innovative and inclusive models of development and financial tools.
Furthermore, 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. For countries of the Global South, this rapidly evolving context brings both significant risks and distinct opportunities. On the one hand, we need to grapple with the implications of trade disruptions, economic volatility, and increasing environmental threats. On the other hand, this moment offers a unique window to reposition our economies within global value chains and to leapfrog development stages through the adoption of emerging technologies and innovative financial instruments.
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. It also allows businesses to produce more goods and services with the same or fewer resources. This happens through the adoption of new technologies, improved processes, and more efficient production methods.
In this spirit, entrepreneurship is a vital driver for economic development as entrepreneurs don’t just build businesses and grow their personal wealth; they also impact the economy by creating new jobs and solutions that meet the needs of society through promoting a culture of innovation that encourages competition, and promotes self-reliance, while promoting investment through attracting capital from local and international investors which improves business efficiency and lowers prices for consumers.
Egypt is a dynamic, entrepreneurial nation powered by its youth, where 21.9 million young men and women in the age group (18-29 years), 58% of the total population is under 30, and 3.7 million enrolled in higher-education per year, more than 730K graduates from higher-education annually, 99.9% use mobile phones and 70% use social media, creating a tech-savvy generation ready to innovate and drive economic growth.
Dear colleagues,
Creating an enabling environment for innovation and entrepreneurship must be coupled with vigorous efforts to empower the private sector, which remains a driving force for inclusive and sustainable economic progress. Egypt, for instance, has witnessed a remarkable 500% increase in the number of startups from 2019 to 2024. This significant statistic highlights the burgeoning entrepreneurial spirit in the country and reflects the increasing support for innovation and business development.
To further enhance this growth, the Egyptian government has introduced several initiatives aimed at overcoming barriers faced by private sector actors, particularly the information gap that often hinders awareness of the resources and services available through development partners.
To address this, the Ministry of Planning, Economic Development, and International Cooperation launched HAFIZ—the Hub for Advisory, Finance, and Investment for Enterprises. This integrated platform serves as a strategic connector between development partners, government entities, international institutions, and the local business community and a bridge towards this information gap. Its objective is clear: to enhance coordination and ensure that private sector firms can fully access development finance, technical support, and advisory services.
As a result of these concerted efforts, concessional development finance directed toward the private sector in 2024 has exceeded government development financing by 35%, reaching a total of USD 4.2 billion.
Esteemed partners
To effectively drive development and foster innovation in the Global South, multilateral banks can promote their engagement by implementing targeted strategies that address local challenges and promote sustainable growth. 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.
Additionally, our collaboration should extend beyond financial exchanges and trade agreements to include capacity-building programs, extensive knowledge-sharing opportunities, and the exchange of technical expertise and operational skills.”
By embracing this approach, we can advance our shared mission of fostering innovation, cooperation, and impactful development in the Global South, ultimately leading to inclusive prosperity for all.
Let me conclude, by reaffirming Egypt’s steadfast commitment to supporting the New Development Bank in the pursuit of our shared vision. The challenges before us are undeniably complex—but through coordinated action, bold innovation, and steadfast determination, we can forge a path toward a more resilient, equitable, and sustainable future.
I look forward to continued collaboration and to the concrete outcomes that will emerge from this year’s deliberations. Let us work together to ensure that the New Development Bank continues to lead by example—amplifying the voice of the Global South, and reinforcing our collective capacity to shape a world that is more just, inclusive, and prosperous for all.
Thank you.