Egypt to host 8th meeting of Asian Infrastructure Investment Bank in 2023, first to be held in Africa

Doaa A.Moneim , Friday 28 Oct 2022

Egypt is set to host the upcoming annual meetings of the Asian Infrastructure Investment Bank (AIIB) in Sharm El-Sheikh on 25-26 September 2023, Egypt’s Minister of Finance and Governor of Egypt to the AIIB Mohamed Maait announced on Friday.

AIIB  Logo

The AIIB’s eighth annual meeting, the first to be held in Africa, aims to discuss the available opportunities for financing infrastructure in a way that contributes to achieving local, regional, and global sustainable development in several critical sectors such as energy and water.

The meeting also aims to explore enhancing collaboration with the private sector and international development partners.

During a virtual meeting with the AIIB board, Maait said that Egypt is seeing developments that are making it more attractive for international development partners.

Maait said that Egypt has succeeded in creating a stimulating environment for local and foreign investors, thanks to the robust infrastructure it has built worth $400 billion over the past seven years.

“The reason behind establishing this infrastructure is to be able to absorb a huge volume of investments. Remarkable efforts are being exerted by the government to stimulate investment, enable the private sector to be a locomotive for job-rich economic growth, and achieve inclusive sustainable development goals (SDGs) in accordance with Egypt's Vision 2030,” the finance minister said.

Maait said that Egypt looks forward to being a more substantial presence for the AIIB on the African continent and a connection point between Africa and Asia.

Egypt also looks forward to greater support from the AIIB in Egypt’s transition to smart and green infrastructure.

“This support would… enable the Egyptian state to achieve its goals in the green transition and would be consistent with the continuous cooperation between the two parties,” Maait said, adding that the development cooperation portfolio between the Bank and Egypt has exceeded $1 billion.

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