(MENAFN- Daily News Egypt) 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 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.
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