Egypt aims to increase portfolio with Asian Infrastructure Investment Bank to $40 bln

Ahram Online , Wednesday 30 Aug 2023

Egypt is looking forward to expanding the cooperation portfolio with the Asian Infrastructure Investment Bank (AIIB) to $40 billion covering 220 projects, said Ahmed Kouchouk, Vice Minister of Finance for Fiscal Policies and Institutional Reform, according to a statement on Tuesday.

AIIB s headquarters in Beijing. CGTN.
AIIB s headquarters in Beijing. CGTN.


According to Egyptian Minister of Finance Mohamed Maait, Egypt, a founding member of the AIIB, aims to draw soft financing options for the Egyptian private sector in potential development fields including renewable energy, sustainable transportation, telecommunication, internet, water, and green projects.

Egypt is set to represent Africa at the eighth annual meetings of the Asian Infrastructure Investment Bank (AIIB), which will convene in Africa for the first time on 25-26 September in Sharm El-Sheikh.

To date, the AIIB has distributed $1.3 billion for infrastructure projects in Egypt, including $300 million for water management, $360 million to close the budget gap, $210 million to finance 11 private renewable energy companies, and a credit line for the National Bank of Egypt of $150 million.

Egypt has secured $2.1 billion in concessional financing to the private sector from international partners since the start of 2023.

In 2022, the country secured development financing worth $13.7 billion to support national development objectives, with $2.6 billion dedicated to the private sector.

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