Powering Progress: New Development Bank’s Strategic Collaboration For Egypt’s Sustainable Energy Growth

A high-level delegation from the New Development Bank (NDB), led by Vice-President and Chief Operations Officer Vladimir Kazbekov, has successfully concluded a four-day visit to Egypt. The primary focus of the visit was to engage in discussions on financing opportunities across various sectors crucial for Egypt’s infrastructure and sustainable development, encompassing airports, water, energy, and social infrastructure.

During the visit, Mr Kazbekov held substantive discussions with key government officials, including the Minister of Finance, Dr Mohamed Maait; Minister of International Cooperation, Dr Rania El-Mashat; Minister of Electricity and Renewable Energy, Dr Mohamed Shaker; Minister of Transport, General Kamel El Wazir, and the Governor of the Central Bank of Egypt, Mr. Hassan Abdalla. These high-level engagements are aimed at exploring collaborative initiatives to drive sustainable and inclusive growth in Egypt.

In addition to governmental interactions, the NDB delegation actively sought opportunities for collaboration with the private sector in alignment with Egypt’s development agenda. Meetings with prominent business leaders were held to identify potential non-sovereign transactions that could further enhance Egypt’s economic landscape.

Expressing his impressions, Mr. Kazbekov praised the Egyptian Government’s dedication to sustainable development. He highlighted the NDB’s keen interest in supporting social infrastructure development, particularly in the ‘Haya Karima’ or ‘Decent Life’ initiative. This flagship program, endorsed by President Abdel Fattah Al-Sisi, aims to improve the quality of life for rural communities.

As a significant outcome of the visit, Mr Kazbekov announced the NDB’s plans to unveil both sovereign and non-sovereign operations in Egypt within the current year. These initiatives will be executed within the overarching framework of Egypt Vision 2030 and the NDB’s General Strategy for 2022-2026.

It’s noteworthy that after completing the necessary procedures, Egypt officially became a member of the New Development Bank in 2023. This milestone solidifies the collaboration between Egypt and the NDB, paving the way for impactful and sustainable development projects that align with the nation’s long-term vision.