Part of Nasr-Pandian meeting - Press photo
CAIRO – 24 April 2017: The Asian Infrastructure Investment Bank (AIIB) will provide a $10-15 billion fund per year within the coming five to six years for various infrastructure projects in its countries of operations, including Egypt, the bank’s Vice President D.J. Pandian said in a Monday statement.
Pandian’s remarks were made during his meeting with Egyptian Minister of Investment Sahar Nasr on the sidelines of their participation in the World Bank spring meetings in Washington.
The projects are to focus on five main sectors: energy, transport, urban development, rural development and logistics services, a Monday statement from the Ministry of Investment said, quoting Pandian.
The Nasr-Pandian talks touched on means of increasing cooperation between AIIB and Cairo, particularly in the fields of sanitation, energy and transport.
Nasr voiced keenness to further cooperate with the bank within the coming period, especially with regard to infrastructure, in line with the Egyptian government’s priorities as well as the development projects implemented.
Nasr urged the AIIB to contribute to funding transport projects in addition to the second phase of the sanitation project which has been carried out in Egypt’s poorest villages.
Pandian welcomed the minister’s request, stressing that the AIIB is keen to invest in several domains in Egypt. He also pointed to Egypt’s strategic location that makes it a gateway to Asia.
Meanwhile, Nasr and Pandian agreed to dispatch a delegation from the bank to get acquainted with the projects being implemented in Egypt.