Egypt’s Minister of International Co-operation Rania El Mashat has asserted that Egypt’s hosting of the annual meetings of The Asian Infrastructure Investment Bank (AIIB), due to kick off on Monday and runs till September 26, affirmed the close ties between Egypt and the international finance corporations and the multilateral development banks in the Middle East and Africa.
In statements to MENA Sunday, she noted that this chance would reinforce bilateral cooperation with such institutions and get briefed on Egypt’s steps for achieving comprehensive development.
Mashat said that AIIB meetings, which are due to start in Sharm El Sheikh on September 25 under the auspices of President Abdel Fattah El Sisi, is an additional step to efforts conducted by Egypt to bolster its ties with international foundations and development partners.
She also said Egypt’s joining the New Development Bank (NDB) of the BRICS bloc this year would enhance cooperation with all finance foundation and open up new cooperation spheres with multilateral partners.
Amid current economic challenges facing the world countries, the international cooperation and development funding has become the only route for overcoming ongoing challenges and to move forward for a comprehensive and sustainable economic recovery, she explained.
Egypt has grown its development portfolio with AIIB to around dlrs 1.3 billion since 2015, including dlrs 360 million to finance private sector projects, Mashat said, asserting that the coming phase would witness further cooperation spheres in accordance with the State’s priorities.
In July, Mashat signed an agreement with AIIB to contribute 250 million euros to financing Alexandria’s Abu Qir Metro Line.
The signing took place during Mashat’s participation in the 1st High-Level Meeting of the Forum on Global Action for Shared Development in Beijing, China.
She said the financing backs the implementation of the 1.5 billion euro project which supports transition to eco-friendly transportation means and reduction of emission in Egypt.