Egyptian President Abdel Fattah El Sisi on Monday said that emerging states are in need of additional low-cost funding amid global economic circumstances caused by the outbreak of the corona virus, which was followed by the Russian-Ukrainian crisis.
The president was speaking at a dialogue session themed “Role of Development Banks in Mobilising Private Capitals to Invest in Infrastructure”, which took place on of the sidelines of the Annual Meetings of the Asian Infrastructure Investment Bank (AIIB) in Sharm el-Sheikh.
The Multilateral funding institutions are required to assist developing and fragile countries in light of current challenges facing the world, president Sisi said.
He voiced Egypt’s appreciation for the AIIB support and financing infrastructure projects.
“We are looking forward to ensuring further fundings in the sphere of infrastructure,” The president said, noting that Egypt throughout the past eight years, has achieved progress in this vital domain through adopting an ambitious investment plan and encouraging the private sector to join forces.