Egypt to host 8th meetings of Asian Infrastructure Investment Bank in Sharm El-Sheikh: Maait

Ahram Online , Saturday 23 Sep 2023

Egypt will host the 8th annual meetings of the Asian Infrastructure Investment Bank (AIIB) in Sharm El-Sheikh on 25 September, according to the Egyptian Minister of Finance, Mohamed Maait.

Egypt s Finance Minister: Mohamed Maait
Egypt s Finance Minister: Mohamed Maait


This is the first time AIIB has held its annual meetings in Africa.

The two-day event brings together key players in infrastructure development and investment.

Maait stated on Saturday that the event accords with Egypt’s vision to lure Asian investments to its infrastructure sector, thus achieving its sustainable development objectives.

"This event serves as an important international platform through which Egypt can showcase its investment opportunities, capitalize on its strategic geographic location, and position itself as a pivotal logistics hub," he added.

The finance minister also revealed that the meetings aim to finance green initiatives and substantial projects in renewables, sustainable transportation, communication, Internet infrastructure, and water resources.

Egypt sets great store by these meetings to attract foreign currency to support its economy, otherwise adversely affected by the COVID-19 pandemic and the ongoing Russia-Ukraine conflict.

Furthermore, Maait asserted that Egypt is determined to secure a considerable portion of its soft and concessional loans from Asian markets to bridge its financing gap.

He also stated that President Abdel-Fattah El-Sisi will attend the inauguration of the AIIB meetings.

The meetings are expected to host around 3,000 influential international figures, including 106 finance ministers and central bank presidents.

Egypt has been developing its relationship with the AIIB since it joined the bank as a non-regional founding member in August 2016.

The AIIB's portfolio of projects in Egypt, currently valued at $1.3 billion, includes investments in the metro line in Alexandria, the Benban Solar Power Plant, rural water projects, and the ongoing construction work to upgrade the Damietta Port.

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