Dr. Mohamed Maait, Minister of Finance and Governor of Egypt to the Asian Infrastructure Investment Bank (AIIB), affirmed that the AIIB Board of Governors decided in their virtual meeting to hold their high-level eighth Annual Meetings for the first time in Africa next year in the city of Sharm el-Sheikh on September 25-26, 2023

Egypt is witnessing new alluring circumstances for international development partners, Dr. Maait announces

Remarkable efforts are exerted by the government to stimulate investment and enable the private sector

Through Egypt’s transition to smart and green infrastructure, we are looking forward to having greater support from AIIB

The need for financing a more sustainable infrastructure was maximized due to entangled global economic challenges 

 
Dr. Mohamed Maait, Minister of Finance and Governor of Egypt to the Asian Infrastructure Investment Bank (AIIB), affirmed that the AIIB Board of Governors decided in their virtual meeting to hold their high-level eighth Annual Meetings for the first time in Africa next year in the city of Sharm el-Sheikh on September 25-26, 2023, as a historically notable city, and an excellent platform to discuss the available opportunities to finance infrastructure in a way that contributes to achieving local, regional and global sustainable development in several critical sectors such as energy and water, and explores enhancing collaboration with the private sector and international development partners. 
 
 
 
In the same context, the Minister, governor of Egypt to AIIB, added during his participation in the virtual meeting of the Board of Governors of AIIB and in presence of Mr. Ahmed Kouchouk the Vice Minister of Finance for Fiscal Policies and Institutional Reform, Mr. Alaa Abdel-Rahman the Associate Minister of Finance for International Relations and Mrs. Doaa Hamdy the Head of International Relations Unit, that Egypt is witnessing new circumstances that become more attractive to the international development partners.

Given our success made in creating a stimulating environment for local and foreign investors, thanks to the robust infrastructure we have. An amount reached $ 400 billion/ seven (7) years has been spent for its development. The reason behind establishing the said infrastructure is to be able to absorb a huge volume of investments. Remarkable efforts are exerted by the government to stimulate investment, enable the private sector as a locomotive for job-rich economic growth, and achieve inclusive sustainable development goals (SDGs) in accordance with Egypt's Vision 2030.  

 

Additionally, the Minister, governor of Egypt to AIIB, expressed that he is looking forward to having greater support from the AIIB in Egypt’s transition to smart and green infrastructure. This concurrently comes with Egypt’s hosting of the Climate Summit in Sharm Elsheikh next November. Thus, the said support would be provided in a way that enables the Egyptian State to achieve its goals in the green transition and be consistent with extended continuous cooperation between the two parties which was shown in financing projects that have a good impact on citizens. Given, the development cooperation portfolio between the Bank and Egypt exceeded USD 1 billion.

 

Furthermore, we are looking forward to having a more substantial presence for AIIB in the African continent and connecting Africa and Asia together through enhancing partnerships with Egypt. Egypt has a vital geographical location that connects Asia, Africa, and Europe. This helps Egypt to play a strategic role in ensuring a good and sustainable infrastructure and mobilizing financial resources for the private sector to be enabled to play its role in such a critical sphere, the Minister, Governor of Egypt to AIIB, mentioned. The need for financing a more sustainable infrastructure was maximized due to entangled global economic challenges, he also pointed out.