Egypt, AIIB Discuss Private Sector Financing, Renewable Energy
Date
9/1/2024 11:24:22 PM
(MENAFN- Daily News Egypt) Egypt's Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, met with Jin Liqun, President of the Asian Infrastructure investment bank (AIIB), during the bank's annual meeting in Cape Town. The meeting focused on expanding private sector financing mechanisms and supporting Egypt's commitment to renewable energy.
Al-Mashat highlighted the AIIB's significant role in expanding its operations in Egypt since 2016, including financing for both public and private sectors. She called for enhanced collaboration to advance Egypt's development priorities, emphasising the potential for increased private-sector involvement.
Al-Mashat also noted that strengthening Egypt's Relationship with the AIIB could foster significant cooperation between the bank and regions like Africa, the Middle East, and Europe.
The Minister stressed the importance of investing in resilient infrastructure projects, particularly in light of recent global challenges, to ensure economic recovery.
She also mentioned that Egypt's hosting of the AIIB's annual meetings in Sharm El-Sheikh last year paved the way for expanding the bank's operations in Egypt, fostering public-private partnerships, and strengthening the relationship between the bank and Egypt.
The two sides discussed potential cooperation on projects under Egypt's NWFE program, which aims to attract investments in green transformation, particularly as the AIIB aims to increase its climate financing to 50% of its total investments by 2030.
Al-Mashat underscored the importance of closer integration between multilateral development banks, particularly the AIIB and the NDB, to unlock new opportunities for supporting development efforts in emerging economies.
Since Egypt joined the AIIB, the bank has financed numerous projects in alignment with the country's strategic priorities for both the public and private sectors.
The bank's portfolio in Egypt now totals approximately $1.3bn, spanning various infrastructure sectors and promoting sustainable and inclusive economic development. The meeting also included discussions on preparations for the AIIB's forthcoming annual meetings in Uzbekistan.
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