The Asian Infrastructure Investment Bank (AIIB) has finalized a substantial agreement to invest $1 billion in support of projects within Egypt’s private sector. This momentous announcement coincides with Egypt’s hosting of the 8th annual meeting in Sharm el Sheikh, where Minister of Finance Mohamed Maait underscored Egypt’s influential regional and global role. He also elaborated on the nation’s relentless efforts towards achieving sustainable development goals.
A portion of this financial allocation will be directed towards Banque Misr, while the remainder will be dedicated to advancing the ongoing Alexandrian metro project. In addition to these initiatives, Egypt is actively exploring the possibility of issuing blue bonds and sustainability bonds, as outlined by Minister Maait.
The AIIB’s annual meetings, after a three-year hiatus, come amid significant global challenges, including the far-reaching effects of the COVID-19 pandemic and the Russian-Ukrainian crisis, as President Abdelfattah El-Sisi highlighted in his opening remarks.
These challenges have reverberated across all economic and social sectors, triggering a substantial global inflationary surge that has particularly impacted emerging and developing nations, as noted by the Finance Minister.
Minister Maait emphasized the urgent need for substantial funding solutions that extend beyond the capabilities of individual governments. He stressed that national budgets have reached their limits, placing immense financial pressure on governments. Private capital, he asserted, plays a pivotal role in bridging these financial gaps, particularly in emerging markets. This commitment from AIIB demonstrates its confidence in Egypt’s economic potential and its contribution to the nation’s sustainable development.
