President Abdel Fattah El-Sisi met with Dilma Rousseff, President of the New Development Bank (NDB), to discuss Egypt’s vision on South-South partnerships and potential cooperation with the BRICS nations in achieving national development goals.
The NDB serves as the economic arm of the BRICS group, an association of major emerging economies.
The meeting, attended by Egypt’s Minister of International Cooperation Rania Al-Mashat and Minister of Finance Mohamed Maait, reviewed the path of relations between Egypt and the NDB, Egypt Today reported. Sisi expressed Egypt’s pride in hosting the c The forum, the first of its kind for NDB’s member states, aims to advance efforts to facilitate transactions between member states in local currencies and introduce mechanisms to support the private sector.
According to a statement from the Egyptian presidency cited by Egypt Today, Sisi stated that Egypt will follow up with the NDB on innovative mechanisms, guarantees, and technical support it provides to governments and private sectors. This aligns with the NDB’s broader role in contributing to reforming the global financial structure and establishing a supportive international environment for emerging economies and developing countries, as mentioned by Sisi during the meeting.
The forum also provides an opportunity to discuss future cooperation opportunities between the founding members of the BRICS group and potential new members, according to the Egyptian presidency’s statement reported by Egypt Today. Established in 2015, the NDB was envisioned as an alternative to the World Bank and International Monetary Fund, aiming to provide financial assistance to emerging economies and promote South-South cooperation.
