The New Development Bank (NDB), in coordination with the Ministry of International Cooperation, Egypt, organized a Seminar on ‘Navigating New Horizons’, 11-12 June 2024 in Cairo, Egypt.
The seminar, held for the first time outside the founding BRICS Member States, followed Egypt’s joining of the NDB in March 2023 and its official approval for BRICS membership earlier this year. The seminar aimed to facilitate a deeper understanding of Egypt’s development priorities and the NDB’s mandate, with a focus on forging partnerships aligned with the Sustainable Development Goals (SDGs).
“The NDB is an exemplary model of South-South development financing, leveraging infrastructure development to drive industrialization, stimulate economic growth, and assist emerging markets and developing countries in achieving their development goals,” said UNOSSC Director Dima Al Khatib. As a panelist in the session on “Enhancing Global Development through South-South Cooperation,” Ms. Dima Al Khatib shared insights on how to unlock the vast potential of South-South cooperation in the face of today’s development challenges and opportunities. She highlighted the UN’s perspective on South-South cooperation and the importance of aligning development efforts with the SDGs.
The discussions provided valuable insights into the opportunities and challenges facing development finance and sustainable infrastructure in the region. Southern-led development finance, exemplified by NDB’s commitment, significantly supports developing countries in tailoring sustainable development agendas to their unique domestic circumstances.
The two-day seminar featured high-level speakers, including H.E. Dr. Mostafa Madbouly, Prime Minister of the Arab Republic of Egypt, and insightful discussions on the role of the NDB in supporting Africa’s development agenda. Key themes included the importance of infrastructure development, the need for sustainable and inclusive growth, and the role of South-South cooperation in addressing Africa’s development challenges.
On the sidelines of the seminar, UNOSSC Director had a joint meeting with H.E. Dr. Rania Al-Mashat, Minister for International Cooperation of Egypt and H.E. Dilma Rousseff, President of the New Development Bank. They explored ways to leverage Egypt’s expertise and resources to support development priorities in other Southern countries, aligning with the seminar’s focus on South-South cooperation and achievement of the SDGs.
Potential areas of convergence between the NDB’s mandate and the UN’s South-South cooperation agenda were highlighted. The discussions were particularly relevant in light of the seminar’s focus on mobilizing resources for infrastructure and sustainable development projects in NDB member countries. President Rousseff emphasized the NDB’s commitment to supporting infrastructure development and sustainable projects in Africa, and expressed openness to exploring collaboration with the UNOSSC.
The NDB’s collaboration with other multilateral development banks through the recent launch of the Global Co-financing Platform was highlighted. The Global Collaborative Co-financing Platform, agreed on the sidelines of the 2024 IMF and World Bank Spring Meetings, will be a digital marketplace that brings together a curated list of projects seeking co-financing from participating institutions. The Asian Infrastructure Investment Bank (AIIB) and the World Bank (WB), along with the African Development Bank (AfDB), Asian Development Bank (ADB), Council of Europe Development Bank (CEB), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank (IDB), Islamic Development Bank (IsDB) and New Development Bank (NDB) are joining at this initial stage to enhance collaboration, streamline their co-financing processes, and provide a centralized hub for project information.
The Way Forward
The seminar underscored the potential of South-South cooperation in tackling the unique challenges of Global South countries and the importance of innovative financing solutions for achieving sustainable development goals.
Egypt’s contributions to South-South cooperation, particularly through initiatives like the Egypt International Cooperation Forum and the “Sharm El-Sheikh Guidebook for Just Financing,” were acknowledged as significant milestones in advancing sustainable development in the Global South.
As the seminar concluded, participants committed to ongoing collaboration and knowledge-sharing, recognizing the NDB’s key role in mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging markets and developing countries. The event highlighted the importance of multilateral cooperation in achieving the SDGs and fostering a prosperous and inclusive global community.
On the sidelines of the seminar, UNOSSC Director had a joint meeting with H.E. Dr. Rania Al-Mashat, Minister for International Cooperation of Egypt and H.E. Dilma Rousseff, President of the New Development Bank. They explored ways to leverage Egypt’s expertise and resources to support development priorities in other Southern countries, aligning with the seminar’s focus on South-South cooperation and achievement of the SDGs.
Potential areas of convergence between the NDB’s mandate and the UN’s South-South cooperation agenda were highlighted. The discussions were particularly relevant in light of the seminar’s focus on mobilizing resources for infrastructure and sustainable development projects in NDB member countries. President Rousseff emphasized the NDB’s commitment to supporting infrastructure development and sustainable projects in Africa, and expressed openness to exploring collaboration with the UNOSSC.
The NDB’s collaboration with other multilateral development banks through the recent launch of the Global Co-financing Platform was highlighted. The Global Collaborative Co-financing Platform, agreed on the sidelines of the 2024 IMF and World Bank Spring Meetings, will be a digital marketplace that brings together a curated list of projects seeking co-financing from participating institutions. The Asian Infrastructure Investment Bank (AIIB) and the World Bank (WB), along with the African Development Bank (AfDB), Asian Development Bank (ADB), Council of Europe Development Bank (CEB), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank (IDB), Islamic Development Bank (IsDB) and New Development Bank (NDB) are joining at this initial stage to enhance collaboration, streamline their co-financing processes, and provide a centralized hub for project information.
The Way Forward
The seminar underscored the potential of South-South cooperation in tackling the unique challenges of Global South countries and the importance of innovative financing solutions for achieving sustainable development goals.
Egypt’s contributions to South-South cooperation, particularly through initiatives like the Egypt International Cooperation Forum and the “Sharm El-Sheikh Guidebook for Just Financing,” were acknowledged as significant milestones in advancing sustainable development in the Global South.
As the seminar concluded, participants committed to ongoing collaboration and knowledge-sharing, recognizing the NDB’s key role in mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging markets and developing countries. The event highlighted the importance of multilateral cooperation in achieving the SDGs and fostering a prosperous and inclusive global community.
