International Cooperation Minister Rania al-Mashat said on Wednesday that Egypt is one of the newest members of the New Development Bank (NDB).
Egypt has long expertise in development finance that is bolstered by its integrated action with multilateral and bilateral partners with the aim to bankroll top-priority projects of the state, Mashat said in a speech during a plenary session of the NDB board of trustees currently taking place in the Chinese city of Shanghai.
She added that Egypt’s membership at the NDB, side by side with major emerging economies, will help boost South-South cooperation efforts.
She told the session that development finance is based on clear principles and an accurate governance structure to select and implement ventures.
She talked about Egypt’s experiments with its development partners to upgrade the sustainable infrastructure through mega projects, noting this is what the NDB is seeking to do at the regional level.
The NDB supports sustainable development efforts and works to enhance regional cooperation and integration through investment in the infrastructure, Mashat said.
