Egyptian Leadership Shines: AIIB's Inaugural African Meeting Signals Economic Momentum

CAIRO - 25 September 2023: In a historic gathering of worldwide economic and political significance, prominent global figures, including ministers and central bank leaders, along with representatives from 160 domestic and international media organizations, have assembled in the dynamic city of Sharm El Sheikh to participate in the annual meetings of the Asian Infrastructure Investment Bank (AIIB).

For the first time on the African continent, Sharm El Sheikh plays host to the Eighth Annual Meeting of the Asian Infrastructure Investment Bank, with the endorsement of President Abdel Fattah El-Sisi. This momentous occasion signifies the AIIB's inaugural gathering in Africa.

Established in 2014 with an initial capital of $50 billion, the Asian Infrastructure Investment Bank (AIIB) has its origins in China and its headquarters in Beijing. With the participation of more than 35 contributing nations, including Russia as a founding member, the AIIB has progressively gained prominence.

Notably, the United States has opted not to be part of this institution, citing concerns about potential competition with well-established international financial entities such as the World Bank, the International Monetary Fund, and the Asian Development Bank.

The AIIB's first annual meetings occurred on June 25 and 26, 2016, in Beijing, China, establishing its vital mission of financing infrastructure initiatives spanning across Asia, the Pacific, and less-developed regions.

Among its member states, the AIIB boasts a diverse representation, including various Asian nations such as China, Russia, Indonesia, and India, as well as Arab countries like Saudi Arabia, the United Arab Emirates, Bahrain, Qatar, Jordan, and Egypt. Furthermore, countries beyond the geographical region, including Canada and the United Kingdom, have aligned themselves with the bank's pursuit of sustainable development.

Despite reservations voiced by Washington, numerous key allies of the United States, including Australia, the United Kingdom, Germany, Italy, the Philippines, and South Korea, have welcomed membership in the AIIB. China has consistently emphasized that the Asian Infrastructure Investment Bank is meant to function as a global institution, without ulterior motives to augment its influence.

The selection of Sharm El Sheikh as the venue for the AIIB's annual meetings underscores Egypt's growing prominence on the global economic stage. As the world observes this pivotal event closely, it underscores Egypt's dedication to nurturing international cooperation and sustainable development.