Moscow: Deputy Minister of Foreign Affairs for International Cooperation, Dr. Samar El-Ahdal stressed the importance of enhancing development financing and supporting digital transformation and innovation in the countries of the Global South to confront growing economic and geopolitical challenges.

According to State Information Service Egypt, this statement was made during Dr. Samar El-Ahdal's participation in the 11th meeting of the Board of Governors of the New Development Bank, held in the Russian capital, Moscow. Dr. El-Ahdal represented Dr. Badr Abdelatty, Egypt's Minister of Foreign Affairs, International Cooperation and Expatriates, at the event.

The Deputy Foreign Minister highlighted the significant transformations the world is undergoing, such as the restructuring of global supply chains and the escalating repercussions of climate change and geopolitical tensions, particularly in the Middle East. She emphasized that these developments necessitate the adoption of modern technologies and innovative financing tools by developing countries to strengthen economic resilience and achieve sustainable development.

Dr. El-Ahdal detailed Egypt's efforts to build a 'Digital Egypt' by supporting a knowledge-based economy, developing government services, investing in technological infrastructure, and enhancing human capacities. She pointed to the launch of Egypt's second National Artificial Intelligence Strategy for the 2025-2030 period, which aims to train approximately 30,000 artificial intelligence specialists by 2030, thereby boosting Egypt's capabilities in developing and localizing advanced technologies.

Further, Dr. El-Ahdal underscored the vital role played by development financing institutions and multilateral banks, particularly the New Development Bank, in supporting digitalization and innovation in Global South countries. This support is facilitated through expanding innovative financing mechanisms such as blended finance and public-private partnerships, alongside establishing innovation incubators that address local development needs.

She reaffirmed Egypt's commitment to supporting the efforts of the New Development Bank in achieving the Sustainable Development Goals, especially in digital transformation. Dr. El-Ahdal concluded by emphasizing that cooperation and innovation are crucial to building a more resilient, sustainable, and prosperous future for the countries of the Global South.