The Minister of International Cooperation, Rania El Mashat, recently announced that hosting the annual meetings of the Asian Infrastructure Investment Bank (AIIB) in Egypt would strengthen the country’s ties with international finance corporations and multilateral development banks in the Middle East and Africa.
The meetings are scheduled to take place in Sharm El Sheikh under the patronage of President Abdel Fattah El Sisi.
Mashat emphasized that this event would support bilateral cooperation with institutions and provide an overview of Egypt’s efforts towards achieving comprehensive development.
She further explained that international cooperation and development funding are crucial for overcoming economic challenges and achieving sustainable economic recovery.
Since 2015, Egypt has increased its development portfolio with AIIB to around $ 1.3 billion, including $ 360 million to finance private sector projects. Mashat noted that the coming phase would witness further cooperation spheres following the priorities of the state.
In July, Mashat signed an agreement with AIIB to contribute 250 million euros to financing Alexandria’s Abu Qir Metro Line during her participation in the 1st High-Level Meeting of the Forum on Global Action for Shared Development in Beijing, China. She said the financing would support implementing the 1.5 billion euro project, which aims to transition to eco-friendly transportation means and reduce emissions in Egypt.
