President El-Sisi calls for low-cost financing to support emerging markets

CAIRO - 25 September 2023: President Abdel Fattah El-Sisi emphasized the need for additional low-cost funding for emerging countries addressing the challenges posed by the global economic conditions resulting from the COVID-19 pandemic and the Russian-Ukrainian crisis.

His remarks came during the panel discussion on the "Role of Development Banks in Mobilizing Private Capitals to Invest in Infrastructure," held on the sidelines of the Annual Meetings of the Asian Infrastructure Investment Bank (AIIB) in Sharm el Sheikh.

President El-Sisi acknowledged the vital importance of infrastructure development across various sectors, and highlighted the significant efforts made by Egypt over the past eight years to bridge its infrastructure gap, noting that the country has worked to establish basic infrastructure in all fields such as energy and transportation.

Expressing his pleasure at hosting the conference after a three-year hiatus, President El-Sisi extended a warm welcome to the bank governors, finance ministers, and all attendees of the AIIB meetings. This marked the first in-person gathering of the bank in three years.

Giving credit to the AIIB for its accomplishments, President El-Sisi praised the bank's achievements, which have positioned it as the second National Development Bank. With a financial portfolio of $1.3 billion in Egypt and a Fitch Rating of AAA, the AIIB has provided over $44 billion for more than 200 projects.

Underlining the significance of the private sector's role in Egypt's economic and infrastructural development, President El-Sisi emphasized the government's commitment to equal opportunities for all sectors. He highlighted the efforts made by the Supreme Council of Investment, which has issued more than 22 decisions aimed at providing incentives and enabling the private sector to operate effectively in the Egyptian market.

The AIIB's annual meeting, scheduled from September 25th to September 26th, represents a significant milestone as it is the first meeting held by the bank in Africa. This gathering serves as a platform for discussions and collaborations aimed at fostering sustainable development and addressing the challenges faced by emerging economies.

President El-Sisi's call for low-cost funding echoes the pressing need to support emerging countries in overcoming economic challenges and ensuring their continued growth and resilience in the face of global crises. As the AIIB convenes in Africa, it is anticipated that fruitful discussions and strategic initiatives will emerge to pave the way for a brighter future for emerging economies worldwide.