Dr. Hala El Said, Minister of Planning and Economic Development, confirmed that Egypt’s exports to the “BRICS” group of countries have increased by 75% compared to 2020, while Egyptian imports have achieved a significant increase of 33% compared to 2020.
During a meeting with Dilma Rousseff, the president of the New Development Bank, affiliated with the BRICS organization, Dr. Hala El-Said added that Egypt owns 11,960 common shares and a capital of $1.196 billion in the bank, representing 2.27% of the total common capital.
The meeting took place on the sidelines of the 17th edition of the Asian Financial Forum, held in Hong Kong, under the theme “Multilateral Cooperation for a Shared Future”. It was attended by leaders from the public and private sectors of BRICS countries and others.
During the meeting, Dr. Hala El Said emphasized Egypt’s aspiration to enhance cooperation with the Development Bank and the BRICS countries, and to establish an effective partnership that befits the capacities of the partner countries.
The meeting discussed the role of the new development bank and its operations. The development bank, which was established in Shanghai in 2015 by the BRICS countries, is considered a multilateral development bank.
It aims to expand its impact and has taken important steps towards expanding its membership in 2021, by accepting Bangladesh, Egypt, the United Arab Emirates, and Uruguay as new members.
The bank’s operations focus on the following areas: clean energy and energy efficiency, transportation infrastructure, digital infrastructure, water, environmental protection, and social infrastructure.
The bank has approved 96 projects with a total funding of $32.8 billion. It has also obtained a long-term debt issuance rating and an international credit rating.
During the meeting, both parties discussed the bank’s strategy for the years 2022-2026, which includes providing a wide range of financial tools such as loans, guarantees, equity investments, and technical assistance.
The bank collaborates with multiple development institutions in areas of mutual interest, including exploring and monitoring financing opportunities, facilitating knowledge and research exchange, providing technical assistance, and exchanging human resources and other resources.
The bank has signed memorandums of understanding with the African Development Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Latin American Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Silver Sea Development Fund, the Environmental Development Bank, the International Bank for Reconstruction and Development, and the Investment Fund at the International Bank.
