The New Development Bank (NDB) financed the private sector to implement the Suez Wind Power Plant project with a capacity of 1.1 gigawatts, which enhances Egypt’s efforts to increase the percentage of renewable energy to 42% by 2030.

This came during a meeting between Minister of Planning, Economic Development, Rania Al-Mashat, and President of the NDB and former President of Brazil, Dilma Rousseff,to discuss cooperation files, on the margins of her participation in the 9th Annual Meeting of the Bank’s Board of Governors.

During the meeting, Al-Mashat stressed the ministry’s keenness to advance joint relations with the bank to boost the private sector and increase its role in achieving development.

Minister Al-Mashat explained that the first forum of the NDB in Egypt witnessed many productive discussions, including developing comprehensive regulatory frameworks to attract private sector investments and promote green energy projects.

This includes issuing green bonds and developing renewable energy infrastructure, in addition to enhancing the logistical infrastructure to facilitate global trade.

Enhancing cooperation between countries of the South, as well as mobilizing resources to achieve sustainable development goals were key topics.

 The meeting also delved into supporting the Egyptian economy’s stability, development initiatives, and the growth of the Suez Canal region.