AIIB praises Suez Canal projects, says Egypt's achieved 'impressive' results in economic reform

MENA, Ahram Online, Wednesday 21 Nov 2018

The AIIB currently funds projects in Egypt worth $510 million, with further investment firmly placed within the bank's international strategy

File Photo: Jin Liqun, President of The Asian Infrastructure Investment Bank (Photo: Reuters)

During a tour to project sites in Ismailia and Port Said governorates on Wednesday, a delegation from the Asian Infrastructure Investment Bank (AIIB) praised Egypt's achievements in projects in the Suez Canal Economic Zone, affirming that the bank is planning to pump more investments into infrastructure projects in Egypt during the upcoming period.

The tour also included visits to other mega projects in renewable energy, and the delegation plans to visit later on Wednesday a solar energy project in the Upper Egyptian city of Aswan.

Chairman of the board of the AIIB Jin Liqun said he was apprised in the last few days by the Egyptian government on its plans in the fields of economic, financial and monetary reform, describing Egypt's latest accomplishments as "impressive."

Liqun and an accompanying delegation are to conclude a three-day visit to Egypt Thursday. They met Monday with Prime Minister Mostafa Madbouly to discuss ways of boosting cooperation.

The ministers of electricity, investment, planning, transport, finance, irrigation, and the governor of the Central Bank of Egypt attended the meeting.

Madbouly expressed his happiness that Egypt is the first non-Asian country to be visited by AIIB officials, adding that Egypt is looking forward to bolstering cooperation with AIIB.

The Prime Minister hailed the bank's decision to give Egypt a special status in the bank's strategy, saying that AIIB funds projects in Egypt worth $510 million.

Liqun, during the meeting, stressed that AIIB pays great attention to Egypt. He also hailed construction being carried out in the New Administrative Capital.

During the meeting, Hesham Arafat, transport minister, expressed Egypt's interest in benefiting from cooperation with the bank in the domains of roads and rail transport in particular.

AIIB officials welcomed further cooperation in the transportation sector, which comes second in investment only to energy.

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