Egypt, AIIB forge path to sustainable development with $1.3B investment portfolio

CAIRO - 24 September 2023: Minister of Finance and Egypt's Governor at the Asian Infrastructure Investment Bank (AIIB), Mohamed Maait, emphasized Egypt's commitment to global engagement for more stimulating partnerships in sustainable development. This collaborative effort aims to align with a deeper understanding of global exceptional circumstances and enhanced responsiveness to emerging economies.

 

Maait explained that Egypt is working closely with the AIIB, a multilateral global bank, to establish cross-border developmental partnerships, primarily led by the private sector. These collaborations are expected to witness further bilateral cooperation, with a focus on expanding the investment portfolio, which currently stands at $1.3 billion in Egypt.

 

In a statement on Sunday, Maait expressed aspirations for broader horizons that integrate Egypt's supportive and incentivizing vision for the private sector, the transition to a green economy, and the establishment of global solidarity. This aligns with the Asian Infrastructure Investment Bank's strategy. It reflects in more sustainable developmental projects in priority sectors, drawing international attention, such as new and renewable energy, clean transportation, water resources, and more. These projects are intended to improve citizens' livelihoods and elevate the quality of services provided to them.

 

The annual meetings of the Asian Infrastructure Investment Bank, hosted by Egypt for the first time in Africa, commence tomorrow, Monday, under the auspices of President Abdel Fattah El-Sisi. This event holds international significance, reflecting Egypt's political, economic, and developmental influence.

 

Minister Maait, Egypt's Governor at the Asian Infrastructure Investment Bank, emphasized that multi-party developmental cooperation is the key to economic recovery in a world facing formidable challenges. Access to international markets has become more difficult and costly, leading to increased financing gaps. Development now requires substantial funding, especially in emerging economies, where supplying essential needs like energy and food for citizens comes at a high cost. Egypt's strategic geographic location makes it a pivotal and influential player in achieving continental connectivity between Africa, Asia, and Europe. This is in line with the country's aspirations to become a regional and global hub for production and exports, thanks to its competitive and preferential advantages, including robust infrastructure and investor-friendly policies, like the Golden License.

 

Minister Maait urged Egypt's private sector to leverage the incentivizing financing provided by the AIIB across numerous promising sectors. He explained that the country looks forward to harnessing the bank's international expertise and capabilities in expanding the scope and scale of infrastructure projects. These projects serve as the backbone of economic, social, and developmental life.

 

Additionally, Minister Maait highlighted that innovative financing solutions act as a lifeline for developing countries, helping them navigate internal and external shocks. Given the urgent need for adaptation and climate change mitigation, these come with additional burdens. He stressed the importance of multilateral development institutions in facing global challenges. Egypt adopts a unified vision on African issues in international forums, expressing the development needs of its African brothers and sisters.