Egypt reviews cooperation with AIIB in 5 sectors

CAIRO - 9 December 2018: Minister of Finance Mohamed Ma’it, met Saturday with President of the Asian Bank Infrastructure Investment (AIIB) Jin Liqun on the sidelines of the opening of Africa 2018 Forum in Sharm El-Sheikh.

Ma’it stressed that the national economy has overcome the challenges it encountered during the past period, and is currently witnessing a significant improvement in economic performance.

He pointed out that the Egyptian government is aware of the weaknesses of the economy,such as unemployment rates,and is working to fix them.

The minister reviewed the available opportunities for cooperation between Egypt and the Asian Bank for Infrastructure Investment, especially in the five following sectors: railway development, modernization of the public transport network, expansion of subway lines, modernization and development of Egyptian ports and airports, and development of the new and renewable energy sector.

The meeting with Liqun also tackled the results of the meetings held by senior officials of the Egyptian government and a senior delegation of the Asian Bank during their visit to Cairo in November, Ma’it noted.

He clarified that the delegation included the bank's executive board members on the first visit to a country outside Asia to deepen cooperation with Egypt, one of the most important countries in the Middle East and the world.

For his part, the president of the Asian Bank confirmed the success of the bank's cooperation with Egypt in the sanitation and solar energy sectors, pointing out the bank's interest in other opportunities for cooperation in the sectors of infrastructure and industrial development and development of public utilities.

He also called for Egypt and developing countries to pay attention to the development of the industrial sector because of its strong effect on increasing economic growth rates.

Liqun called for the need to find competitive opportunities in infrastructure in Egypt, especially the Suez Canal.

Regarding the cooperation opportunities offered by the minister of finance, the president of the Asian Bank affirmed the bank's full support for these opportunities and projects planned by the Egyptian government, especially those that develop ports and airports.

He pointed out the importance of turning Cairo International Airport into a regional air
transport hub to link South Africa with the continents of Asia and Europe.

Liqun added that the Asian Bank also has considerable experience in the field of subway lines, and therefore welcomes cooperation with Egypt in this sector, adding that Egypt has vast desert that can be used in the construction of solar power plants.

The volume of the bank's investments currently amounts to $5 billion distributed over 28 projects in many countries. The bank also signed an initial agreement for the Asian Bank's contribution in financing a $300 million sanitation project in cooperation with the World Bank.