New Development Bank’s delegation, led by Vice-President and Chief Operations Officer, Vladimir Kazbekov, concluded a four-day visit to Egypt to discuss financing opportunities in various infrastructure and sustainable development sectors including airports, water, energy and social infrastructure.
Mr. Kazbekov engaged in high-level discussions with key ministers, including the Minister of Finance, Dr. Mohamed Maait; Minister of International Cooperation, Dr. Rania El-Mashat; Minister of Electricity and Renewable Energy, Dr. Mohamed Shaker; Minister of Transport, General Kamel El Wazir, and the Governor of Central Bank of Egypt, Mr. Hassan Abdalla.
In addition to government engagements, the delegation met with prominent business leaders to explore collaboration with the private sector in Egypt’s development agenda and identify potential non-sovereign transactions.
“I am deeply impressed by the Egyptian Government’s efforts in driving sustainable and inclusive growth. As a first step, NDB is exploring ways to support social infrastructure development in the flagship ‘Haya Karima’ or the ‘Decent Life’ initiative, endorsed by H.E. President Abdel Fattah Al-Sisi, to improve the quality of life for rural communities,” said Mr. Kazbekov. “NDB is planning to announce both sovereign and non-sovereign operations in Egypt this year within the framework of Egypt Vision 2030 and our General Strategy 2022-2026.”
After completing the necessary procedures, Egypt officially became a member of the New Development Bank in 2023.
About New Development Bank
NDB was established in 2015 by Brazil, Russia, India, China, and South Africa to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries. In 2021, NDB initiated membership expansion and admitted Bangladesh, Egypt, United Arab Emirates and Uruguay as its new member countries. The Bank has approved 106 projects globally amounting to USD 34 billion in financing across sectors such as clean energy, transport, water and sanitation, environmental protection, social, and digital infrastructure.
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