Statement by H.E. Dr. Samar Al-Adal, the Deputy Minister of Foreign Affairs, International Cooperation and Expatriates for International Cooperation of the Arab Republic of Egypt and the Temporary Alternate Governor for Egypt to NDB at the Opening Ceremony of the 11th Board of Governors Annual Meeting

Distinguished Governors and Esteemed Colleagues,

It is an honor to stand before you today at the eleventh Annual Meeting of the New Development Bank in the beautiful city of Moscow. I would like to extend my gratitude to our hosts, the Russian Federation, for their warm hospitality.

Our meeting today is a testament to our collective commitment to sustainable development, a shared mission that has become ever more crucial in these challenging times. The theme of this year’s meeting, “Development Financing in an Era of Technological Revolution” resonates deeply with the India’s presidency for BRICS, whose main theme is “Building for Resilience, Innovation, Cooperation and Sustainability”.

This reflects the strong alignment among Global South countries’ priorities toward fostering a more inclusive, resilient, and sustainable international development architecture that is capable of responding to evolving global challenges and aspirations in a world that is grappling with unprecedented challenges ranging from the lingering effects of the COVID-19 pandemic, climate change and geopolitical tensions affecting peace and security particularly in the Middle East.

We are witnessing a world undergoing rapid and profound change. Global supply chains are being reconfigured, while climate change continues to pose unprecedented challenges to our societies and economies.

Amid this evolving landscape, a unique opportunity has emerged to reposition our economies within global value chains through the adoption of emerging technologies and innovative financial instruments, with the objective of strengthening economic resilience and enhancing long-term sustainability.

Innovation plays a key role in promoting sustainable economic development, by enhancing productivity, creating new markets, and fostering competitive advantages, ultimately leading to economic growth and improved living standards.