The Asian Infrastructure Investment Bank (AIIB) will hold its 8th annual high-level meetings in Sharm el-Sheikh in September next year, a senior government official revealed on Friday.
This is the first time the AIIB holds its annual meetings in Africa, Minister of Finance Mohamed Maeet said.
Minister Maeet, who is also Egypt’s governor at the AIIB, added that the AIIB Board of Governors took the decision to organise the meetings of the bank in Sharm el-Sheikh next year in recognition of the Egyptian city’s historical value.
The city, he said, is also an ideal platform for discussing opportunities for infrastructure financing.
He added that infrastructure financing contributes to the achievement of sustainable development locally, regionally and at the global level in many vital sectors, including energy and water.
The meetings, the minister added, would also discuss means of strengthening co-operation with the private sector and international development partners.
Minister Maeet participated in a virtual meeting of the AIIB Board of Governors yesterday.
He referred during the meeting to the new realities Egypt is witnessing at present.
These realities, he said, make the Arab country more attractive to international development partners.
”We succeeded in creating a stimulating climate for local and foreign investors, with our strong infrastructure,” the minister said.
He added that Egypt spent close to $400 billion on its development during the past seven years.
These investments have made Egypt more capable of absorbing a huge volume of businesses.
The minister explained that the Egyptian government makes concrete efforts to attract investments and empower the private sector.
Egypt, he said, wants to turn the private sector into an engine of job-rich economic growth and the achievement of comprehensive and sustainable development goals.
