Egypt 's private sector cooperates with the AIIB for cross-border development partnerships

Egypt announced during the 8th annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) which kicked off yesterday in the Egyptian resort of Sharm El-Sheikh under the theme "Sustainable Growth in a Challenging World"، that the government is working with the global multilateral bank، for cross-border development partnerships led by the private sector that are more stimulating for sustainable development as the AIIB plays crucial role in Africa's sustainable development.

Egypt is hosting the 8th annual meeting of AIIB for 2 days

Egypt is hosting the 8th annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank، where the opening ceremony was attended by Egyptian President Abdel-Fattah al-Sisi، AIIB President Jin Liqun، as well as finance ministers، bank chiefs، and participants from several financial institutions and the private sector.

Mohamed Maait، the Egyptian Minister of Finance، stated at the Asian Infrastructure Investment Bank (AIIB) during the two-day meeting to demonstrate AIIB's commitment to investment and action driving growth toward a greener world as demonstrated by AIIB's mission of Financing Infrastructure for Tomorrow، that Egypt is opening up to the world for partnerships that are more stimulating for sustainable development and the next period will see more bilateral development cooperation to increase the investment portfolio، which is worth $1.3bn in Egypt.

Mohamed Maait: expanding the relationship with AIIB

Mohamed Maait، the Minister of Finance of Egypt affirmed: "we look forward to expanding our relationship with the Asian Infrastructure Investment Bank (AIIB) to wider horizons، where the Egyptian vision matches the bank’s strategy to undertake more sustainable development projects in high-priority sectors،” Maait said.

Egyptian Finance Minister Mohamed Maait revealed that multilateral development cooperation is the “keyword” for economic recovery in a world of challenges as accessing international markets has become harder and more expensive، and the financing gaps have grown، therefore، the development process requires huge funds while emerging economies، including Egypt، struggle with the high cost of providing energy and food for their citizens.

AIIB crucial role in the sustainable development in Africa

Mohamed Maait، the Minister of Finance of Egypt، lauded the "crucial role" played by the Asian Infrastructure Investment Bank (AIIB) in the sustainable development in Africa and indicated an important message that the bank is keen on investing in Africa and promoting better communication between Africa and Asia.

The 8th annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank، hosted in Egypt is a landmark event for the AIIB، as it marks the bank's return to in-person gatherings since 2019 and its first-ever annual meeting on the African continent، while the Egyptian givernment، as the host nation، will be the voice of Africa at the meeting، stressing Egypt's commitment to playing an active role in African issues.

AIIB will pay greater attention to investments in infrastructure

Mohamed Maait، the Minister of Finance of Egypt، said:'We hope that the AIIB will pay greater attention in the next stage to investments in infrastructure in areas related to climate change and the green economy in Africa، while Egypt adopts African issues to voice the development needs of other African countries".

Mohamed Maait assured the need for the Asian Infrastructure Investment Bank (AIIB) to allocate more resources to invest in critical sectors such as transportation، communications، and energy to drive African development، as this continemt is particularly vulnerable to the effects of climate change، while the bank has a track record in addressing climate change challenges.

Africa to enjoy a large part of the AIIB's target to push up climate finance

The minister emphasized that it is important that Africa will enjoy a large part of the AIIB's target to push up climate finance share to reach % 50 percent by 2025، and highlighted Egypt's own experience، as it has already reaped the benefits of the AIIB's investment portfolio، which currently stands at approximately 1.3 billion U.S. dollars، as well as that investments in Egypt worth 1 billion dollars from AIIB are currently under evaluation.

Mohamed Maait، the Minister of Finance of Egypt، praised the growing global influence of the AIIB achieved in just a few years، as the multilateral development bank now boasts 106 approved members worldwide، which reflects the AIIB's diverse and inclusive nature.

AIIB agrees to support projects in the Egyptian private sector

The Asian infrastructure Investment Bank (AIIB) agrees at the 8th annual meeting in Sharm el Sheikh to invest $1 billion to support projects in the Egyptian private sector thanks to Egypt’s leading role at regional and international level، as well as the efforts made for the sustainable development goals.

Egyptian Finance Minister Mohamed Maait confirmed that Banque Misr will receive part of the financial fund، and the rest would be used to continue developing the Alexandrian metro project، in addition، Egypt is also considering the possibility of issuing blue bonds as well as sustainability bonds.

The globality of the AIIB with 8 years operations

The globality of the AIIB، initiated its operations in Beijing in January 2016 with a primary mission of financing infrastructure projects that prioritize sustainability، is derived from its noble goal to improve the infrastructure of countries، which helps improve all the peoples' economic and social rights and their standards of living، Mohamed Maait added.

Maait explained that Egypt has a strategic geographical location that enables it to play a key role in achieving continental interconnection between Africa، Asia، and Europe، and this is consistent with the state’s efforts to become a regional and global hub for production and export، given its potential.

Private sector in Egypt to take advantage of AIIB financing

The minister urged the Egyptian private sector to take advantage of the financing that the AIIB can offer in many promising fields، to establish more partnerships and to benefit from the international expertise and capabilities of the bank in extending the scope of infrastructure projects، as they are the backbone of economic، social، and development life.

Maait also stated that innovative financing solutions are a “lifeline” for developing countries against internal and external shocks، especially in the context of adapting and combating climate change as the government is looking forward to a greater role for multilateral development institutions in facing global challenges.