Asian Infrastructure Investment Bank
The finance minister highlighted the collaborative efforts that have made the AIIB the fastest-growing bank in the region, emphasizing its role in supporting Egypt’s development trajectory through promising projects over the past few years.
One of the key highlights of AIIB's collaboration has been the facilitation of $360 million in concessional financing to support 11 private sector companies.
During the first day of the annual meetings, President El-Sisi emphasized the need for additional low-cost funding for emerging countries in light of the global economic challenges
Banque Misr will also receive part of the financial fund, and the rest would be used to continue developing the Alexandrian metro project.
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.
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.
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.
As a founding member of the AIIB, Egypt aims to fortify connections between Africa and Asia and realize its sustainable development goals with the overall goal of improving the livelihoods of African citizens, Maait stated
Maait elaborated Thursday that Egypt is one of the founding countries of the bank, and the largest shareholder from the African continent.
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’s president praised the establishment of the Administrative Capital by self-financing through the sale of lands to investors.
During a tour of project sites in Ismailia and Port Said, the delegates said that the bank plans to pump more investments in infrastructure projects in Egypt.
Kabil met on Monday with AIIB's senior official Yee Ean Pang to discuss the bank’s projects currently being established in Egypt.
The loan will allow Egypt to increase power generation capacity and reduce reliance on gas and fuel, to help meet its commitment under the Paris Climate Agreement.
The bank enjoys "an excellent level of liquidity" and should benefit from easy access to capital markets, Fitch said.
The Asian Infrastructure Investment Bank (AIIB) will study funding for new and renewable energy projects in Egypt,
Minister of Finance Amr El-Garhy will participate Friday in the annual meeting of the Asian Infrastructure Investment Bank (AIIB).
Minister of Finance Amr el-Garhy will meet on Monday with Vice President of the Asian Infrastructure Investment Bank (AIIB) Joachim von Amsberg.
