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Sisi to attend AIIB meetings in Egypt's Sharm El-Sheikh: Finance Ministry

Egypt's President Abdel-Fattah El-Sisi is scheduled to attend the inauguration of the Asian Infrastructure Investment Bank (AIIB) meetings.
12.09.23 | Source: Ahram Online

That the AIIB will hold its eighth annual meetings in Egypt -- the first time this event is organized in Africa -- is evidence of the importance of Egypt's unique location, said minister Maait, who is also Egypt's governor to the AIIB.

Maait stressed the pivotal role the AIIB is playing in encouraging investment in Egypt.

AIIB's role

The AIIB contributes to cementing relations between African and Asian countries, as well as providing finance for development investments, Maait said.

Meanwhile, the AIIB is keen to boost investments in Egypt's infrastructure through partnerships with the private sector.

"In fact, as much as 22 percent of the private sector's AIIB-funded projects went to the energy sector, 17 percent to the transport sector, 15 percent to multi-sectors, and four percent to the digital and technological sector," Maait's statement noted.
Egypt seeks to expand its cooperation portfolio with the AIIB to $40 billion covering 220 projects, said Ahmed Kouchouk, vice minister of finance for fiscal policies and institutional reform, in August.