H.E. Dr. Rania A. Al-Mashat Meets AIIB President on Expansion on Private Sector Financing Mechanisms & Supporting Egypt’s Commitment to Move Towards Renewable Energy

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, who also serves as Egypt’s Governor at the New Development Bank (NDB), met with Mr. Jin Liqun, President of the Asian Infrastructure Investment Bank (AIIB), during the 9th Annual Meeting of the Board of Governors. The meeting, themed “Investing in a Sustainable Future,” took place in Cape Town, South Africa.

 

During the meeting, Al-Mashat emphasized the AIIB’s significant role in expanding its operations in Egypt since 2016, including the financing provided to both public and private sectors. She called for enhanced collaboration to advance Egypt’s development priorities and increase opportunities for the private sector. The Minister highlighted that strengthening Egypt’s relationship with the AIIB could foster substantial cooperation between the bank and regions such as Africa, the Middle East, and Europe.

 

The Minister noted that recent global challenges have underscored the need for robust and resilient infrastructure systems capable of withstanding economic challenges. She stressed that investment in infrastructure projects is crucial for the global economy’s recovery.

 

H.E. Dr. Al-Mashat also mentioned that Egypt’s hosting of the AIIB’s annual meetings last year in Sharm El-Sheikh paved the way for expanding the bank’s operations in Egypt, whether through government or private sector financing, and for bolstering public-private partnerships. She expressed appreciation for Egypt being the first African country to host the AIIB’s annual meetings, reflecting the strong relationship between Egypt and the bank. The meeting also included discussions on preparations for the AIIB’s forthcoming annual meetings in Uzbekistan.

 

The two sides explored potential cooperation on projects under the NWFE program, particularly as the AIIB aims to increase its climate financing to 50% of its total investments by 2030. H.E. Dr. Al-Mashat underscored that closer integration between multilateral development banks, notably the AIIB and the NDB, could unlock new opportunities for supporting development efforts in developing and emerging economies amidst current challenges.

 

Since Egypt joined the AIIB, the bank has financed numerous projects in alignment with the country’s strategic priorities for both the public and private sectors. The bank’s portfolio in Egypt now totals approximately $1.3 billion, spanning various infrastructure sectors and promoting sustainable and inclusive economic development.