CAIRO - 27 September 2023: The Asian Infrastructure Investment Bank (AIIB) Annual Meetings took place in Egypt on September 25 to 26, 2023, marking the first time the meetings were held in Africa. A total of 106 countries participated in the event, which also marked the AIIB's first in-person Annual Meeting since 2019. The theme for this year's meetings was "Sustainable Growth in a Challenging World."
During the first day of the annual meetings, President El-Sisi emphasized the need for additional low-cost funding for emerging countries in light of the global economic challenges caused by the COVID-19 pandemic and the Russian-Ukrainian crisis. He also highlighted Egypt's efforts over the past eight years to bridge its infrastructure gap, particularly in the energy and transportation sectors.
Key takeaways from the conference included discussions on low-cost financing for emerging economies, climate financing, private-public sector collaboration, and multilateral cooperation. President El-Sisi reiterated the importance of low-cost financing for emerging economies to alleviate financial pressures arising from global economic issues.
Egypt's Minister of Finance, Mohamed Maait, echoed this sentiment and called for support to the private sector to mobilize capital and provide investment opportunities for countries in need of low-cost financing.
Maait emphasized the significance of multilateral cooperation and partnerships as essential solutions, stimulating the private sector through financing facilities and considering infrastructure investment as a cornerstone of sustainable economic development.
Minister of International Cooperation, Rania Al-Mashat, highlighted the necessity of innovative financing models and tools that attract private capital to implement infrastructure projects and promote nature-based solutions, including climate change adaptation.
The AIIB has contributed nearly $1.3 billion to finance various infrastructure projects in Egypt, aligning with the country's strategic priorities for both the public and private sectors. These projects aim to foster sustainable and comprehensive economic development. Notable examples include the AIIB's involvement in the Benban Park, one of the largest solar energy parks, and the upgrade of the Damietta Port Containers through collaboration between the public and private sectors.
Minister Maait announced that Egypt will receive $1 billion in financing from the AIIB to support the private sector, including funds for the construction of an Alexandria metro line and credit lines for several banks, including Banque Misr.
During the AIIB meeting, Egypt and Croatia also signed a double taxation agreement, demonstrating the commitment of both countries to enhance economic, trade, and investment relations while safeguarding tax rights.
The AIIB's Board of Governors announced that the ninth Annual Meeting will be held in Samarkand, Uzbekistan in September 2024.