STORY: New Development Bank organizes int'l seminar in Egypt 
SHOOTING TIME: June 11, 2024
DATELINE: June 12, 2024
LENGTH: 00:01:52
LOCATION: Cairo
CATEGORY: ECONOMY

SHOTLIST:
1. various of the seminar
2. SOUNDBITE (Arabic): MOSTAFA MADBOULY, Egyptian Prime Minister

STORYLINE:

An international seminar organized by the New Development Bank (NDB) kicked off on Tuesday in Egypt's New Administrative Capital, under the patronage of Egyptian President Abdel-Fattah al-Sisi.
   
Themed "Navigating New Horizons," the two-day seminar aims to introduce the NDB's operations, enhance cooperation between the government and the private sector, and explore future collaboration opportunities among founding and new BRICS members, Egypt's Ministry of International Cooperation, a co-organizer, said in a statement.
   
The seminar, held for the first time outside BRICS founding member states, comes after Egypt joined the NDB in March 2023, and was officially approved for membership in the BRICS group earlier this year.
   
While addressing the seminar, Egyptian Minister of International Cooperation Rania Al-Mashat said the seminar opened new horizons for effective development cooperation among developing and emerging economies facing exceptional economic and geopolitical conditions, which have high hopes for the partnership with the NDB to accelerate sustainable development.
   
She noted that the seminar represented an opportunity to generate ideas that contribute to shaping the bank's vision within the framework of multilateral development banks.
   
For his part, Egyptian Prime Minister Mostafa Madbouly said Egypt believed the establishment of the NDB was necessary to facilitate access to concessional financing, stressing that the expansion of the NDB and BRICS membership would contribute to achieving a desired balance in the global monetary system, according to a statement by the Egyptian cabinet.
   
SOUNDBITE (Arabic): MOSTAFA MADBOULY, Egyptian Prime Minister
"This forum comes at a very important stage against the backdrop of serious regional and international developments that have had a negative impact on many of the economies of major countries and less developed countries alike, which adds great importance to the role assigned to the New Development Bank to support member countries in implementing their development plans in light of the decline in the ways of obtaining soft financing, the low credit rating of countries, and the failure of the current international system with its old mechanisms to confront these challenges."

Meanwhile, President of the NDB Dilma Rousseff stressed the importance of strengthening the economic and development capacity of member states, fighting poverty, and increasing the ability to confront global shocks, noting that member states have a lot of potential that must be invested in, said the cabinet's statement.
   
Established in 2015 by BRICS countries, the NDB is a multilateral development bank aimed at mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging market economies as well as developing countries.

Xinhua News Agency correspondents reporting from Cairo.
(XHTV)