Sharm El Sheikh, 16 June 2023 (TDI): Finance Minister Mohamed Maait, in his role as Egypt’s governor of the Asian Infrastructure Investment Bank (AIIB), has announced that Egypt will be hosting the annual meetings of the prestigious Asian bank in September.
This significant event, the 2023 AIIB Annual Meeting, will serve as a crucial platform for discussing available opportunities, fostering cooperation with international and regional development partners, and stimulating local and international investments in vital sectors.
Minister Maait expressed his enthusiasm, stating, “We are dedicated to promoting multilateral development partnerships among regional and international financing institutions and developing countries. This aligns with our ongoing efforts to enhance investment opportunities in Egypt.”
Also Read: AIIB approves $112 million loan to Fiji
In a meeting with AIIB Vice President Luky Eko Wuryanto, Minister Maait extended his gratitude to the AIIB for its unwavering support of Egypt, particularly in national projects. He praised the fruitful cooperation between the two sides, highlighting the bank’s impressive investment portfolio in Egypt, which has exceeded $1 billion since their collaboration commenced in 2016.
Furthermore, Minister Maait showcased Egypt’s commitment to diversifying financing resources. He announced Egypt’s upcoming issuance of panda bonds in yuan, marking the country’s debut in the Chinese market. These funds will be utilized for the establishment of socially and environmentally friendly projects.
Also Read: BRI’s CPEC-initiative for economic prosperity
Minister Maait also highlighted Egypt’s successful issuance of dollar-dominated bonds, green bonds, and Islamic sovereign sukuk, amounting to $1.5 billion.
The AIIB official expressed confidence in the event’s success, emphasizing that it will be a fitting reflection of Egypt’s esteemed international position. He acknowledged the bank’s instrumental role in investment development and projects encompassing various dimensions of growth and development.
The 2023 AIIB Annual Meeting in Sharm El Sheikh promises to be a momentous occasion, propelling Egypt’s partnership with AIIB to new heights and bolstering its position as a hub for investment and development.
