Mashat in talks with AIIB on infrastructure investments

CAIRO – Planning and Economic Development Minister Rania el Mashat discussed on Friday with a delegation of the Asian Infrastructure Investment Bank (AIIB) strengthening bilateral cooperation and ongoing efforts toward achieving economic development, macroeconomic stability, budget support, and structural reforms.

The delegation is led by Nat Pinnoi, Infrastructure Sector Senior Economist at the bank.

Mashat lauded strong relations between Egypt and the AIIB which reflects a shared commitment to supporting sustainable economic development and infrastructure, in alignment with Egypt’s goals for sustainable and inclusive economic growth.

She noted that Egypt has been an active founding member of the AIIB since the foundation agreement was signed in June 2015 and was ratified in August 2016.

She said Egypt seeks to deepen cooperation with the bank in infrastructure, energy, and transport, and it plays a pivotal role in boosting sustainable economic development across Africa as it is the bank’s largest African contributor.

Mashat added that the Egypt-AIIB partnership underscores the importance of multilateral cooperation in achieving sustainable development goals, creating a stable and sustainable economic environment for the future. This cooperation also emphasizes joint efforts toward green transformation and tackling environmental challenges with flexible and inclusive policies.

Through this partnership, Egypt aims to build robust, and sustainable infrastructure that balances economic growth with environmental protection and strengthens the community’s resilience to future challenges, she added.

The meeting also discussed Egypt’s efforts with development partners as part of the National Structural Reform Program, which aims to enhance macroeconomic stability, create a favorable business environment, and support the transition to an environmentally friendly economy.

Mashat said the government’ is committed to going ahead with economic and structural reforms to enhance competition with a focus on improving the business environment, attracting foreign and domestic investments, building financial resilience, and strengthening the economy’s ability to withstand shocks by improving the financial system’s efficiency and promoting debt reduction initiatives.

Since Egypt joined the AIIB, the bank has funded several priority projects for both the public and private sectors, with a portfolio of around $1.3 billion across various infrastructure sectors to support sustainable and inclusive economic development.