Governors’ SpeechAddress by H.E. Dr. Rania Al-Mashat, Governor for Egypt, Minister of Planning, Economic Development & International Cooperation, Egypt

Madame President Dilma Rousseff,
Excellencies,
Distinguished Governors and Esteemed Colleagues,

It is an honor to stand before you today at the Ninth Annual Meeting of the New Development Bank in the beautiful city of Cape Town. I would like to extend my gratitude to our hosts, the Republic of South Africa, for their warm hospitality and impeccable organization of this year's meeting. Last year I participated as alternate governor, and this year I have the honor to be the Governor of the NDB for Egypt, and the Minister of Planning, Economic Development and International Cooperation.

This year is particularly significant for Egypt, as we join you here in the annual meeting for the first time as a BRICS+ country. This membership represents not only a recognition of our growing economic potential but also an alignment with the values and objectives shared by all BRICS nations-values rooted in fostering inclusive growth and enhancing cooperation among emerging markets and developing countries.

As we gather under the umbrella of the New Development Bank, the multilateral development bank established by the BRICS countries, Egypt stands ready to work alongside our BRICS partners to strengthen South-South cooperation and contribute to the shared prosperity of our nations and beyond.

This meeting 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, " Investing in a Sustainable Future," resonates deeply with the objectives we all strive to achieve, particularly 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.

Egypt has always believed in the power of multilateral cooperation. Our strategic geographical location, bridging Africa, Asia, and Europe, has long positioned us as a critical nexus for trade, culture, and innovation. Today, this positioning also underscores our role in fostering South-South and Triangular Economic Cooperation and contributing to the global development agenda.

Over the past decade, Egypt has embarked on a comprehensive economic reform program aimed at restoring macroeconomic stability and fostering inclusive quality growth. Despite the significant achievements made, including a marked improvement in public finance, investor confidence, and job creation, we continue to face challenges exacerbated by external shocks and global economic instability.

In response, we are reinforcing our commitment to multi stakeholder partnerships and sharing the best practices and policies among the emerging economies, which are essential in mobilizing resources for sustainable development. To that end, Egypt has mobilized 40 billion USD in development finance, among which 10 billion USD were allocated to the private sector between 2020 and 2024.Hence, Egypt is fully committed to supporting the NDB's mission to help finance infrastructure development projects in the global south.

Aiming to consolidate the partnership between Egypt and the NDB, Cairo hosted the NDB Seminar in Egypt: Navigating New Horizons, under the auspices of H.E. Abdelfattah El Sisi, on June 11th and 12th, 2024, signifies the first NDB Seminar in a BRICS+ country, fostering collaboration among BRICS+ countries and other emerging markets and developing countries (EMDCs) to advance sustainable development initiatives.

The seminar highlighted the importance of creating regulatory frameworks that attract private investment, a key element in achieving sustainable development goals. The productive discussions and actionable insights that emerged from the seminar have already begun to influence our policy approaches, particularly in areas like green energy and infrastructure development.

Development Finance Institutions (DFIs) like the NDB are at the forefront of addressing the vast infrastructure needs of emerging markets and developing countries (EMDCs). The scale of these needs is staggering, with Africa alone facing an infrastructure financing gap of up to USD 108 billion annually. This is where the NDB's role becomes crucial, not only in providing financial resources but also in leveraging private sector investments and co-financing arrangements that can amplify our collective impact.

Egypt is particularly focused on advancing its green energy initiatives as part of our National Climate Strategy. Our efforts are encapsulated in the Nexus of Water, Food, and Energy (NWFE) program, which aims to accelerate the national climate agenda and provides opportunities to mobilize climate finance and private investments to support Egypt's green transition, reflecting the interlinkages and complementarity between climate action and development efforts. We look forward to NDB's support in this domain, whether through direct financing or by providing technical assistance.

As we navigate the complexities of global financial markets, it is essential to explore innovative financing solutions, such as blended finance, carbon credits, and debt-for-climate swaps, among others. These are essential to attract and sustain investment in climate-resilient projects and this requires concerted efforts from all stakeholders, including governments, multilateral development banks
(MDBs), the private sector, and philanthropies.

Moreover, South-South cooperation remains a cornerstone of our strategy. By working together, EMDCs can share knowledge and best practices that are tailored to our unique challenges and opportunities. The NDB is ideally positioned to facilitate such cooperation, providing a platform for emerging economies .

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. 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 remains at the forefront of global efforts to create a more equitable, sustainable, and prosperous world.

Thank you

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