President Abdel Fattah El-Sisi has called for further diversification of the Asian Infrastructure Investment Bank’s (AIIB) financing portfolio in Egypt to support the national development priorities, particularly energy, transport, ports and logistics.
During a meeting on Sunday with AIIB President and Chair of the Board Zou Jiayi, President Sisi stressed the importance of expanding co-operation with the bank and making greater use of Egypt’s economic and strategic advantages, Presidency Spokesman Ambassador Mohamed El-Shennawy said.
In addition, the president voiced Egypt’s appreciation for its longstanding partnership with the AIIB since the country joined the bank as one of its founding non-regional members.
He also lauded the bank’s role in supporting Egypt’s development efforts through financing and technical assistance for projects and programmes carried out in co-operation with government institutions, the private sector and Egyptian banks, Spokesman El-Shennawy added.
Sisi also highlighted Egypt’s efforts to achieve comprehensive and sustainable economic development, pointing to major infrastructure projects implemented in recent years to upgrade transport, energy and communications networks, alongside measures to expand the use of renewable energy.
He outlined government efforts to improve the investment climate, strengthen the competitiveness and resilience of the Egyptian economy, increase the private sector’s contribution to economic activity and attract greater foreign investment.
The president underlined the need to strengthen co-operation between international financial institutions and developing countries, expand innovative financing mechanisms and mobilise more private investment to support development.
Such efforts, he said, would help emerging and developing economies better withstand external crises and economic shocks.
The meeting was attended by Finance Minister and Egypt’s Governor to the AIIB Ahmed Kouchouk, Minister of Foreign Affairs, International Co-operation, and Egyptian Expatriates, Badr Abdelatty, and AIIB’s Chief Investment Officer, Konstantin Limitovskiy, who is responsible for private-sector and corporate financing.
For her part, Zou praised Egypt’s role as a founding member of the AIIB, describing the country as an important geographic and development bridge between Asia and Africa.
She highlighted the bank’s growing portfolio in Egypt, which includes financing for major projects such as the Benban Solar Park, the Alexandria–Abu Qir Metro project and the development of the container terminal at Damietta Port.
Zou commended Egypt’s achievements in comprehensive and sustainable development and its ambitious economic reform programme. These efforts, she said, had contributed to higher economic growth, increased foreign direct investment, greater exchange-rate stability and improved macroeconomic indicators.
The AIIB president said her visit aimed to hold consultations with Sisi and the Egyptian government on the country’s priorities for the coming period. She noted that the bank seeks to ensure that its future direction reflects the development priorities and financing needs of its member countries.
The meeting also included an exchange of views on regional and international economic and financial developments, as well as the impact of geopolitical tensions on development, investment flows and financing.
