Ramsco's Women Empowerment Initiative Recognized Among Top BRICS Businesswomen Practices for 2025    Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    Gold prices end July with modest gains    Pakistan says successfully concluded 'landmark trade deal' with US    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Rafah Crossing 'never been closed for one day' from Egypt: PM    I won't trade my identity to please market: Douzi    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt's EHA, Huawei discuss enhanced digital health    Egypt, Oman discuss environmental cooperation    Egypt's EDA explores pharma cooperation with Belarus    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



New Development Bank eyes $5bn in financings by 2025, prioritizes Egypt, Bangladesh
Published in Daily News Egypt on 12 - 06 - 2024

The New Development Bank (NDB) held its inaugural seminar in Egypt, outlining ambitious plans to expand financing and support sustainable development projects in the country. The bank aims to reach $5bn in financings by 2025, with $1bn allocated to new members Egypt and Bangladesh.
During the seminar, Vladimir Kazbekov, NDB Vice President & Chief Operating Officer, announced that the bank's total portfolio currently stands at $45bn across more than 100 projects, with over half of the funds already disbursed. This year, the NDB targets 12 financing agreements worth $4.7bn, focusing on sovereign projects and increasing approvals.
A key priority for the NDB is to increase local currency financings, which currently account for 23% of its portfolio. The bank is exploring a wider basket of currencies and new tools to finance projects in various countries, aiming to better meet the needs of member states.
The NDB's 2022-2026 strategy, detailed by Anil Kishora, Vice President & Chief Risk Officer, and Xiheng Jiang, Director General of the Strategy, Policies and Partnerships Department, aims to mobilize resources for infrastructure and sustainable development. The strategy prioritizes renewable and green energy, transport and infrastructure, digital and financial inclusion, and social infrastructure and climate issues.
By 2026, the NDB aims to be recognized as a leading development bank providing quality financial solutions for infrastructure. This includes mobilizing $30bn in approved financing, co-financing 20% of projects with partner banks, and extending 30% of total financing in local currencies.
The bank also plans to accelerate support for non-sovereign operations, such as public-private partnerships and foreign investment projects. Bin Han, Director General of the Private Sector and Non-Sovereign Guaranteed Transactions Department, highlighted promising opportunities in Egypt in this regard.
Egypt's economic recovery and future challenges were discussed by Atter Hannoura, Director, PPP Central Unit Egypt.He emphasized the importance of increased local currency financings, which could significantly transform the financing landscape.
Other speakers at the seminar included Yury Surkov, Director General of, the Public Sector Department, who elaborated on the NDB's project financing priorities and the Project Preparation Fund. Zhongxia Jin, Director General of, theTreasury and Portfolio Management Department, discussed the bank's strong credit rating and programs focused on local currency financing.
The seminar provided valuable insights into the NDB's innovative financial tools and mechanisms to support Egypt's sustainable development strategies, underscoring the bank's commitment to fostering economic growth and cooperation among member states.


Clic here to read the story from its source.