Dr. Rania Al-Mashat Receives Delegation from the Asian Infrastructure Investment Bank (AIIB) to Discuss Joint Efforts in Budget Support and Structural Reforms

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, received a delegation from the Asian Infrastructure Investment Bank (AIIB), headed by Dr. Nat Pinnoi, Infrastructure Sector Senior Economist.

 

The meeting focused on enhancing areas of cooperation, discussing various joint projects, and ongoing efforts in economic development, macroeconomic stability, budget support, and structural reforms.

 

H.E. Dr. Al-Mashat emphasized the depth of the relations between Egypt and AIIB, reflecting a shared commitment to supporting economic development and sustainable infrastructure, in alignment with Egypt's goals for sustainable and inclusive economic growth.

 

H.E. Minister Al-Mashat noted that Egypt has been a founding member and active contributor since signing the bank's founding agreement in June 2015 and ratifying it in August 2016. The Egyptian government aims to strengthen cooperation within the bank to enhance its capabilities in infrastructure, energy, and transportation, highlighting Egypt’s pivotal role as the largest African contributor to the bank in supporting its efforts to achieve sustainable economic development and strengthen partnerships with the continent.

 

H.E. Dr. Al-Mashat added that the partnership between Egypt and the Asian Infrastructure Investment Bank underscores the importance of multilateral cooperation in achieving sustainable development goals and providing a stable and sustainable economic environment for the future.

 

H.E. Dr. Al-Mashat reiterated that this collaboration highlights joint efforts to support the green transition and address environmental challenges through flexible and inclusive policies. Egypt aims, through this partnership, to build strong and sustainable infrastructure that balances economic growth with environmental protection, enhancing the capacity of Egyptian society to meet future challenges and fulfill the aspirations of coming generations.

 

The meeting also addressed the efforts undertaken by the Egyptian government in collaboration with development partners as part of the National Structural Reforms Program, which aims to enhance macroeconomic stability, provide a conducive business environment, and support the transition to an environmentally friendly economy through various reforms that bolster the competitiveness of the Egyptian economy, manage public finances, and increase the efficiency of public investments.

 

Dr. Al-Mashat affirmed the government's commitment to progressing with economic and structural reforms to enhance competitiveness within the Egyptian economy, focusing on improving the business environment, attracting both foreign and local investments, and building financial and economic resilience. This includes enhancing the efficiency of the financial system and promoting initiatives to reduce debt, with a particular emphasis on supporting the green transition by promoting low-carbon development, increasing the use of renewable energy, and improving resource consumption efficiency.

 

Notably, H.E. Minister Al-Mashat previously met with the President of the Asian Infrastructure Investment Bank during her participation in the New Development Bank's Board of Governors meeting in September, themed "Investing in a Sustainable Future," held in Cape Town, South Africa.

 

Since Egypt's membership in the bank, it has contributed to financing several projects aligned with the government’s strategic priorities for both the public and private sectors, with the portfolio reaching approximately $1.3 billion across various infrastructure sectors to promote sustainable and inclusive economic development.