Egypt prepares to host the 8th Annual AIIB meetings in December 2023

CAIRO - 13 September 2023: The Finance Minister and Egypt’s Governor at the Asian Infrastructure Investment Bank (AIIB) Mohamed Maait, said that cooperation is ongoing between Egypt and the AIIB to issue green bonds in Chinese yuan worth $500 million. The global multilateral development bank invested almost $1.3 billion in Egypt, increasing Egypt’s sphere of influence.

This came during a meeting held at the headquarters of the Ministry of Finance in the New Administrative Capital, for the Supreme Preparatory Committee to prepare for the annual AIIB meetings. Maait stated that the event was being organized based on what was learned during last year’s COP27.

Egypt will be hosting the bank’s annual conference in Sharm El Sheikh during December 25 and 26. This marks the AIIB’s first in-person meetings since 2019 and its first in Africa.

This event brings together about 3,000 of the most prominent international economic figures, 106 finance ministers, and heads of central banks. According to this, the sidelines of the AIIB’s anticipated annual meetings will offer the opportunity for many private sector representatives to further explore investments with financial facilities.

The minister also shared that the Asian bank views Egypt as an important actor for integration efforts between Asia and Europe with Africa, considering its unique and strategic location.

During the meeting, Maait highlighted the importance of infrastructure projects that are the cornerstone for the development projects aimed at improving the livelihood of the citizens, and a major factor for a strong economy. This comes in line with Egypt’s interest to invest in infrastructure projects to boost the private sector’s presence.

Egypt has joined AIIB as a non-regional founding member in August 2016 with a share of $650 million to establish themselves as the largest shareholder in Africa. AIIB has a capital of $100 billion.