Egypt's portfolio with AIIB hits $660M: Bank's Chief Economist Erik Berglöf

CAIRO – 9 November 2020: Egypt is a founding member of Asian Infrastructure Investment Bank (AIIB) with a portfolio of $660 million, according to Chief Economist of the AIIB Erik Berglöf.

Berglöf clarified Tuesday that his bank support the diversification of energy mix towards renewables in Egypt which lead to 11 projects in Benban solar Part and rural sanitation project.

“AIIB is working with the National Bank of Egypt (NBE)  on $200 million liquidity support to small and medium-sized companies as part of crisis recovery facility,” he added.

Chief Economist of the AIIB noted that his bank follows closely Egypt’s integrated green and sustainable cities and welcomes Egypt’s focus on implementing SDGs – model multilateralism. 

This came during a panel entitled: Shifting Mindsets through Economic Diplomacy session, that was held at Virtual Egypt Week event which takes place from Nov. 9 till Nov. 12. Participants in the session were Egypt’s Minister of International Cooperation Rana Al-Mashat, EBRD's First Vice President and the Head of its Client Services Group Jürgen Rigterink and the Chief Economist of the Asian Infrastructure Investment Bank (AIIB)Erik Berglöf.

Egypt’s first Virtual Business Week event kicked off on Monday, Nov. 9. It will last for four days till Nov. 12.

The event is organized by the Egyptian British Business Association BEBA and the Egyptian-British Chamber of Commerce (EBCC) in cooperation with the Embassy of the Arab Republic of Egypt in the United Kingdom and the Department of International Trade (DIT).

DIT is a part of the U.K. government that works on helping businesses export and grow into global markets.

The event will discuss the green economy file and ways Cooperation between Egypt and the United Kingdom in this regard and deepening trade, economic and investment relations between the two countries.