Mohamed Maait, the Minister of Finance and the governor of Egypt at the Asian Infrastructure Investment Bank (AIIB), said that Egypt is “opening up to the world for partnerships that are more stimulating for sustainable development.” He said that Egypt is working with the AIIB, a global multilateral bank, for cross-border development partnerships led by the private sector. He added that the next period will see more bilateral development cooperation to increase the investment portfolio, which is worth $1.3bn in Egypt.
“We look forward to expanding our relationship with the bank to wider horizons, where the Egyptian vision matches the bank’s strategy to undertake more sustainable development projects in high-priority sectors,” Maait said.
Maait said that multilateral development cooperation is the “keyword” for economic recovery in a world of challenges. He said that accessing international markets has become harder and more expensive, and the financing gaps have grown. He said that the development process requires huge funds while emerging economies struggle with the high cost of providing energy and food for their citizens.
Maait said that Egypt has a strategic geographical location that enables it to play a key role in achieving continental interconnection between Africa, Asia, and Europe. He said that this is consistent with the state’s efforts to become a regional and global hub for production and export, given its potential.
He urged the Egyptian private sector to take advantage of the financing that the AIIB can offer in many promising fields, to establish more partnerships. He said: “We look forward to seeing this stage. The next step is to benefit from the international expertise and capabilities of the bank in extending the scope of infrastructure projects, as they are the backbone of economic, social, and development life.”
Maait also said that innovative financing solutions are a “lifeline” for developing countries against internal and external shocks, especially in the context of adapting and combating climate change. “We look forward to a greater role for multilateral development institutions in facing global challenges. Egypt adopts African issues to voice the development needs of other African countries,” he said.
Sharm El-Sheikh will attract the attention of the world in the next few hours, as the flags of 106 countries fly, reflecting a new economic reality based on continental interconnection, to achieve comprehensive and sustainable development.
The economic, development, and political communities are also anticipating the annual meetings of the AIIB, which Egypt will host for the first time in Africa tomorrow, Monday, under the auspices of President Abdel Fattah Al-Sisi. The meetings will reflect Egypt’s political, economic, and development status.
Several delegations of influential economic figures have arrived in Egypt for the annual meeting, including finance ministers, heads of central banks, and representatives of 160 local and international media outlets who came to cover the meetings.
The meetings will address many issues, such as global governance for sustainable, cross-border development, building partnerships to strengthen global health infrastructure, mobilizing resources for climate financing, enhancing the role of the private sector in the electronics manufacturing services in Asia and Africa, and encouraging creative partnerships to face global challenges.
The sessions will also address the issue of enhancing communication in a world full of challenges, resource mobilization, and innovative financing to reduce the infrastructure financing gap in the Middle East and Africa.
