Minister of Finance Mohamed Maait, who is also the governor of Egypt at the Asian Infrastructure Investment Bank (AIIB), said that Egypt is “opening up to the world for partnerships that are more stimulating for sustainable development.”
“We are working with this global multilateral bank for cross-border development partnerships, led by the private sector,” said Maait in a statement ahead of the AIIB’s annual meetings, which will be held in Sharm El Sheikh on Monday under the auspices of President Abdel Fattah Al-Sisi. He added that Egypt hopes to increase the volume of the investment portfolio from the AIIB, which amounts to $1.3bn in Egypt.
“We look forward to our relationship with the bank extending to broader horizons, where the Egyptian vision is integrated with the bank’s strategy to undertake more sustainable development projects in high-priority sectors,” Maait said.
He stressed that multilateral development cooperation is the “keyword” to the process of economic recovery in a world of challenges, where access to international markets has become more difficult and expensive, and financing gaps have increased. He said that the development process requires huge funds while emerging economies suffer from the high cost of providing basic needs of energy and food for their citizens.
Maait also highlighted Egypt’s strategic geographical location that qualifies it to play a pivotal and influential role in achieving continental interconnection between Africa, Asia, and Europe. He said that this fits into the state’s endeavors to transform into a regional and global hub for production and export, given the potential it has to make that a reality.
He called on Egypt’s private sector to benefit from the stimulating financing that the AIIB can provide in many promising fields, to conclude more partnerships. He explained, “We look forward to witnessing this stage. The next step is to benefit from the international expertise and capabilities of this global bank in expanding the scope of infrastructure projects, as they are the backbone of economic, social, and development life.”
Maait also emphasized the need for innovative financing solutions to serve as a “lifeline” for developing countries against internal and external shocks, in light of the urgent need to adapt and combat climate change. “We are looking forward to a greater role for multilateral development institutions in facing global challenges. Egypt adopts African issues to voice the development needs of other African countries,” he noted.
The AIIB’s annual meetings, which Egypt will host for the first time in Africa, will attract the attention of the world, as the flags of 106 countries will flutter in Sharm El Sheikh, reflecting a new economic reality based on continental interconnection, to achieve comprehensive and sustainable development.
The meetings will address many issues, such as global governance for sustainable, cross-border development, building partnerships to strengthen global health infrastructure, mobilizing resources for climate financing, enhancing the role of the private sector in the field of electronics manufacturing services in Asia and Africa, and encouraging creative partnerships to face global challenges.
The sessions will also address the issue of enhancing communication in a world full of challenges, resource mobilization, and innovative financing to reduce the infrastructure financing gap in the Middle East and Africa.
Several delegations of internationally influential economic figures have arrived in Egypt for the annual meeting, including finance ministers, heads of central banks, and representatives of 160 local and international media outlets who came to cover the event.
