Egypt Seeks Expanded AIIB Financing For Energy, Transport And Port Projects
Egyptian President Abdel Fattah Al-Sisi discussed future cooperation with AIIB President Zou Jiayi at a meeting attended by Finance Minister Ahmed Kouchouk and Foreign Minister Badr Abdelatty, the presidency said in a statement.
Al-Sisi said Egypt wanted to broaden the range of projects supported by the bank in line with its development priorities and make greater use of Egypt's infrastructure and competitive advantages to attract investment.
Egypt is a non-regional founding member of the AIIB, which has helped finance projects including the Benban solar power complex, the Alexandria-Abu Qir metro project, and the development of a container terminal at Damietta Port, as well as programmes supporting government economic policies.
Zou said the bank viewed Egypt as a geographic and development link between Asia and Africa and would seek to align its future activities with the development priorities and financing needs of member countries.
Al-Sisi outlined government efforts to increase private-sector participation, attract foreign investment, expand renewable energy, and develop transport, energy, and telecommunications infrastructure.
Zou said Egypt's economic reforms had contributed to higher growth, increased foreign direct investment, exchange-rate stability, and improvements in broader macroeconomic indicators, according to the presidency statement.
The meeting also addressed the impact of geopolitical tensions on development, investment, and financing flows. Al-Sisi called on international financial institutions to develop innovative financing instruments and mobilise more private investment to help emerging and developing economies withstand external shocks.
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