Egyptian Minister of Planning and Economic Development Hala El-Said met with New Development Bank (NDB) President Dilma Rousseff on the sidelines of the Asian Financial Forum in Hong Kong to discuss enhancing partnerships, according to a statement on Thursday 25/1/2024.
During the meeting, El-Said emphasized Egypt’s desire to build an effective collaboration that leverages the capabilities of BRICS nations. She expressed optimism about cooperation potential after her first discussion with Rousseff.
El-Said also noted that Egypt has seen a 33 percent surge in imports and a 75 percent jump in exports to BRICS countries since 2020.
She explained that Egypt owns 2.27 percent of the NDB’s capital through 11,960 joint shares worth $1.19 billion.
Furthermore, El-Said highlighted Egypt’s focus on directing public investments toward needier communities to improve living standards and public services access.
Egypt’s membership in the BRICS bloc officially came into effect in a landmark move this January, aligning
itself with five other new members, heralding a wave of anticipated benefits for the country.
In March 2023, Egypt’s President Abdel-Fattah El-Sisi approved an agreement establishing the NDB of the BRICS bloc (whose founding members are Brazil, Russia, India, China, and South Africa) and allowing Egypt to join the bank.
The BRICS countries established the NDB in 2014.
NDB member states include Bangladesh, Brazil, China, Egypt, India, Russia, South Africa, the United Arab Emirates, and Uruguay.
Source: State Information Service Egypt