Mon, 25 Sep 2023 - 07:03 GMT
Mon, 25 Sep 2023 - 07:03 GMT
Egypt's hosting of this globally significant event sends a resounding message to the world - Press Photo
President Abdel Fattah El-Sisi presided over the inauguration of the eighth annual meeting of the Asian Infrastructure Investment Bank (AIIB) today, marking a historic milestone as this event takes place in Africa for the first time.
Held under the auspices of President El-Sisi, the city of Sharm El Sheikh is hosting the eighth annual AIIB meeting, gathering representatives from 106 countries, including influential economic figures like finance ministers and central bank governors.
Their discussions are centered around devising strategies for achieving sustainable growth in a world facing unprecedented challenges, including the war in Europe and the ongoing COVID-19 pandemic.
Established in 2014 with a capital of $50 billion and headquartered in Beijing, China, the AIIB boasts a membership of over 35 contributing countries. Notably, the United States is conspicuously absent from its member list, as concerns linger about potential competition with international financial institutions like the World Bank, International Monetary Fund, and the Asian Development Bank. Russia, however, became a founding member on April 14, 2015.
The primary mission of the bank is to finance infrastructure projects across the Asia-Pacific region and less developed areas.
Its diverse membership includes various Asian countries such as China, Russia, Indonesia, and India, alongside Arab nations like Saudi Arabia, the United Arab Emirates, Bahrain, Qatar, Jordan, and Egypt. Additionally, countries beyond the region, such as Canada and the United Kingdom, also hold membership.
Despite objections from Washington, several key allies of the United States, including Australia, the United Kingdom, Germany, Italy, the Philippines, and South Korea, have chosen to join the AIIB. China emphasizes that the AIIB is intended to be a global institution rather than a mere instrument for expanding its influence.
Egypt's hosting of this globally significant event sends a resounding message to the world. It underscores Egypt's dedication to infrastructure investment and mobilizing financial resources to empower the private sector.
This initiative is designed to provide more accessible financing opportunities for the private sector to play a pivotal role in economic recovery, facilitating international and regional development partnerships.
These partnerships transcend borders and foster collaborative development opportunities, highlighting the critical role of international development partners in financing the development goals of developing and African countries. This is particularly crucial in light of growing funding gaps resulting from higher global financing costs.