Mon, 25 Sep 2023 - 07:10 GMT
Mon, 25 Sep 2023 - 07:10 GMT
The event in Sharm El Sheikh showcased the commitment of global leaders to collectively address global development challenges - Press Photo
CAIRO - 25 September 2023: Dr. Mohamed Maait, Egypt's Finance Minister and Governor at the Asian Infrastructure Investment Bank (AIIB) for Infrastructure, emphasized the necessity for substantial funding solutions that exceed the capacity of any single government. He pointed out that national budgets are under immense strain, leading to significant financial pressure. Dr. Maait highlighted the crucial role of private capital in bridging these financial gaps, especially in emerging markets.
During a panel discussion at the AIIB Annual Meeting, which was attended by President Abdel Fattah El-Sisi and focused on the role of multilateral development banks in promoting private sector involvement in development, Dr. Maait expressed his hopes for an increased role for banks and international institutions like AIIB. He called for more attractive funding programs and opportunities to encourage private sector investment in sustainable development, particularly in infrastructure. He emphasized that the time has come to maximize private investments to drive economic growth, improve the standard of living for citizens, and create job opportunities.
Mr. Jin Liqun, President of the Asian Infrastructure Investment Bank, echoed this sentiment, stating that they are actively fostering partnerships between the public and private sectors by offering supportive and incentive-based financing for critical infrastructure investments. However, he stressed the need for more government efforts in various countries to establish a business-friendly environment by simplifying procedures. He also highlighted the bank's upcoming phase, which aims to create more investment opportunities for the private sector as part of its strategic plan.
Dr. Sri Mulyani Indrawati, Indonesia's Finance Minister, underscored the importance of aligning legislative frameworks and executive programs with the bank's strategy to encourage private sector participation in infrastructure projects that drive sustainable development. She expressed her gratitude for the bank's efforts, which have led to numerous partnerships with the private sector in various member countries, especially in climate adaptation initiatives.
Mohammad Şimşek, Turkey's Minister of Finance and Treasury, acknowledged the significant role of the Asian Infrastructure Investment Bank in mitigating business risks to motivate effective private sector contributions to sustainable development. He anticipates the bank providing even more innovative solutions to support the private sector.
The event in Sharm El Sheikh showcased the commitment of global leaders to collectively address global development challenges and highlighted the essential role of public-private partnerships in building a more sustainable future.