Egyptian Finance Minister, Mohamed Maait, announced that the country is in negotiations with the New Development Bank (NDB) to secure $1 billion in financing.
The New Development Bank, established by BRICS countries in 2015, swiftly provided its first financing in 2016.
The International Monetary Fund (IMF) preliminarily approves a loan tranche of $820 million for Egypt.
Maait stated in exclusive remarks to “Al Arabiya Business” that the anticipated financing will be allocated to infrastructure projects and funding for renewable energy projects.
The Egyptian Finance Minister also clarified that negotiations are underway with the International Monetary Fund to obtain $1.2 billion from its Sustainability Fund.
In a related context, Egyptian Prime Minister Mostafa Madbouly stated on Tuesday that the country’s strategic orientation towards BRICS countries and its affiliated New Development Bank should not be interpreted as hostile to any party or within the framework of countering the existing system.
During his speech at the first summit of the New Development Bank held in Egypt, he emphasized that the Egyptian government has adopted an open approach to all countries and their financial institutions without discrimination or favoritism.
He explained that the strategic orientation towards BRICS aims to work on the medium and long term to reform the current financial system, which was built on data that are no longer realistic.
Moreover, Madbouly expressed Egypt’s hopeful outlook for the New Development Bank’s future plans to stimulate transactions in local currency among BRICS member states.
